Sam Boughedda

Investing.com — Celsius Holdings Inc (NASDAQ:) announced Monday morning that its Chief Financial Officer Edwin Negron Carballo has decided to retire from the company.

John Fieldly is the President, Chairman and CEO at Celsius. He said that Carballo’s strategic contributions and financial management have helped position the company for many years.

Celsius announced that Carballo would be replacing by Jarrod Langhans effective April 18. Jarrod joins Celsius after most recently being with Primo Water (NYSE:), serving as CFO of the company’s European and Israel operating segments, while he began his career in public accounting with Cherry Bekaert.

Celsius will be assisted by Carballo in his executive role until he is retired on January 31, 2023. 

Stifel analyst Mark Astrachan, who reported the news to clients, stated that it was unrelated the ongoing SEC investigation.

TheFly quoted Astrachan as saying that the news was “modestly favorable” because Langhans had worked in several accounting-related positions. 

Celsius shares fell 0.35% Monday, with the analyst rating Celsius as Buy and setting a price target of $73.