New CFO “Modestly Favorable” For Celsius, Says Stifel
2022.04.18 22:26
By Sam Boughedda
Investing.com — Celsius Holdings Inc (NASDAQ:CELH) announced Monday morning that its Chief Financial Officer Edwin Negron Carballo has decided to retire from the company.
John Fieldly, President, Chairman, and CEO of Celsius, said Carballo’s “strategic contributions and financial stewardship have positioned the company well for years to come.”
Celsius added that Carballo will be replaced by Jarrod Langhans, effective April 18. Jarrod joins Celsius after most recently being with Primo Water (NYSE:PRMW), serving as CFO of the company’s European and Israel operating segments, while he began his career in public accounting with Cherry Bekaert.
Carballo will continue to work with Celsius in an executive capacity to help the transition until he retires on January 31, 2023.
Following the news, Stifel analyst Mark Astrachan said in a client note that the announcement is unrelated to the company’s ongoing SEC investigation.
Astrachan was quoted by TheFly as saying he views the news as “modestly favorable” due to Langhans’ experience working in several accounting-related roles.
The analyst has a Buy rating and a $73 price target on Celsius shares which are down 0.35% Monday.
