Monster Beverage Names Co-CEOs Amid Leadership Shakeup
Ticker: MNST · Form: 8-K · Filed: Jun 14, 2024 · CIK: 865752
| Field | Detail |
|---|---|
| Company | Monster Beverage CORP (MNST) |
| Form Type | 8-K |
| Filed Date | Jun 14, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $870,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, executive-appointments, corporate-governance
Related Tickers: MNST
TL;DR
Monster Beverage just named Rodney Sacks and Hilton Schlosberg Co-CEOs, replacing Sacks as sole CEO. Big leadership changes happening.
AI Summary
Monster Beverage Corporation announced on June 13, 2024, that Rodney Sacks and Hilton Schlosberg have been appointed as Co-Chief Executive Officers, succeeding Rodney Sacks as sole CEO. This change is part of a broader leadership transition that also includes the appointment of a new Chief Financial Officer and other executive roles. The company also reported on matters submitted to a vote of security holders and filed financial statements and exhibits.
Why It Matters
This leadership transition at Monster Beverage could signal a new strategic direction or a shift in operational focus under the new Co-CEO structure.
Risk Assessment
Risk Level: medium — Leadership changes, especially at the CEO level, can introduce uncertainty and impact strategic execution, warranting a medium risk assessment.
Key Players & Entities
- Monster Beverage Corporation (company) — Registrant
- Rodney Sacks (person) — Former sole CEO, now Co-CEO
- Hilton Schlosberg (person) — Appointed Co-CEO
- June 13, 2024 (date) — Date of earliest event reported
FAQ
Who has been appointed as the new Co-Chief Executive Officers of Monster Beverage Corporation?
Rodney Sacks and Hilton Schlosberg have been appointed as Co-Chief Executive Officers.
What is the effective date of the reported leadership changes?
The earliest event reported is dated June 13, 2024.
What specific items are being reported in this 8-K filing?
This filing reports on the departure of directors or certain officers, election of directors, appointment of certain officers, compensatory arrangements of certain officers, submission of matters to a vote of security holders, and financial statements and exhibits.
What was Rodney Sacks' previous role before becoming Co-CEO?
Rodney Sacks was previously the sole Chief Executive Officer.
What is Monster Beverage Corporation's state of incorporation?
Monster Beverage Corporation is incorporated in Delaware.
Filing Stats: 1,020 words · 4 min read · ~3 pages · Grade level 10.9 · Accepted 2024-06-14 15:29:02
Key Financial Figures
- $870,000 — t provides for an annual base salary of $870,000, which amount will be reviewed annually
Filing Documents
- tm2417277d1_8k.htm (8-K) — 47KB
- tm2417277d1_ex10-1.htm (EX-10.1) — 74KB
- 0001104659-24-071717.txt ( ) — 311KB
- mnst-20240613.xsd (EX-101.SCH) — 3KB
- mnst-20240613_lab.xml (EX-101.LAB) — 33KB
- mnst-20240613_pre.xml (EX-101.PRE) — 22KB
- tm2417277d1_8k_htm.xml (XML) — 3KB
02. Departure of Directors or Certain
Item 5.02. Departure of Directors or Certain Officers; Election of Directors, Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 13, 2024, the Compensation Committee of the Board of Directors (the "Compensation Committee") of Monster Beverage Corporation (the "Company") approved an employment agreement between the Company and Emilie Tirre, appointing Ms. Tirre, who previously served as President of the Americas of the Company, as Chief Commercial Officer of the Company (the "Employment Agreement"). The Employment Agreement provides for an annual base salary of $870,000, which amount will be reviewed annually and is subject to adjustment by the Compensation Committee. In addition, Ms. Tirre will be entitled to (i) a bonus as part of the Company's annual incentive award program, payable at such times, and in such amounts, as set forth in the applicable annual incentive award agreement and which may be fixed from time to time by the Compensation Committee; (ii) participate in the Company's incentive and savings plans and programs, including the Monster Beverage Corporation 2020 Omnibus Incentive Plan, as amended from time to time, and any other stock option plans and equity-based compensation plans; and (iii) cash severance, among other benefits, upon certain qualifying terminations of employment. The foregoing description of the Employment Agreement is qualified in its entirety by reference to the complete text of such agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein. Biographical information regarding Ms. Tirre, age 55, is set forth in the Company's Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 26, 2024 (the "Proxy Statement"), and such information is incorporated by reference herein. No arrangement or understanding exists between Ms. Tirre and any other person pursuant to which Ms. Tirre was selected t
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Monster Beverage Corporation Date: June 14, 2024 /s/ Hilton H. Schlosberg Hilton H. Schlosberg Vice Chairman of the Board of Directors and Co-Chief Executive Officer