Dive Brief:
- Beverage company Liquid Death has appointed PepsiCo alum Ricky Khetarpaul as its CFO while it looks to expand into the $23 billion energy drink market, the company said in a Tuesday press release. Khetarpaul has officially started in the position, the company confirmed to CFO Dive in an email.
- A 20-year veteran of the food and beverage industry — most recently including kombucha brand Health-Ade — Khetarpaul will join the fast-growing Los Angeles-based Liquid Death as it seeks to foster further growth and to break into new beverage categories. Liquid Death has become “the fastest growing ready-to-drink tea among the top 10 brands, outpacing category growth by 20x,” according to the Tuesday release, and plans to launch a “better-for-you” line of energy drink products in 2026.
- “It’s rare to find a company that blends creativity, irreverence, and strong performance the way Liquid Death does,” Khetarpaul said in a statement emailed to CFO Dive. “The team’s just getting started, and I’m excited to help build on that incredible momentum."
Dive Insight:
Khetarpaul is taking over as CFO following the departure of previous finance chief Karim Sadik-Khan, who left his role in April to take the top financial seat at rival health beverage firm Spindrift, according to a post on LinkedIn.
Prior to joining Liquid Death, Khetarpaul served as finance chief for kombucha company Health-Ade, according to his LinkedIn profile. He has also held various executive positions during a four-year span at hummus-maker Sabra Dipping Company, including serving as head of global FP&A and sales finance. His previous experience also includes senior director of FP&A for Walgreens Boots Alliance, CFO, North America for Lavazza Coffee Corporation, and several roles during an eight-year tenure at PepsiCo, including as its director of sales finance.
The beverage firm will tap Khetarpaul’s experience as it prepares to break into the energy drink market next year, which will represent its fourth beverage category following its water products, sparkling sodas, and iced teas, CFO Dive sister publication Food Dive reported in July. The energy drinks, branded as “Liquid Death Sparking Energy,” will launch in 2026 and will contain approximately 100 milligrams of caffeine — a lesser amount than other brands which will position the drinks as “better-for-you” products while still acting as a stimulant, Food Dive reported.
With its entry into energy drinks, Liquid Death is looking to continue a growth streak CEO and founder Mike Cessario credited to an “entertainment-first marketing strategy and world-class retail execution,” he said in the Tuesday release. The beverage firm, which was valued at $1.4 billion last year following a $67 million funding round, has cultivated an irreverent, social media-forward marketing approach to attract consumers, CFO Dive has previously reported, such as launching a marketing campaign to give away a retired fighter jet. In recent months, the company has taken several other steps to woo new customers, such as launching a new sparkling water flavor in collaboration with Fruity Pebbles, Food & Wine magazine reported, announcing a new distribution agreement with New York distributor Big Geyser, and shelling out for a coveted Superbowl advertising slot.
Its marketing efforts helped the business to report $333 million in retail sales for 2024, compared to $263 million the prior year, CNBC reported in February.
As the company continues to explore new avenues and beverage categories, however, it is also running up against competing brands. Last week, the coffee company Death Wish Coffee filed a complaint in a California court against Liquid Death in what it alleges is a “dead to rights case of willful trademark infringement.”
The suit is aimed at preventing Liquid Death from releasing a range of coffee products that Death Wish Coffee claims “will confuse consumers, infringe the DEATH WISH Marks, and irreparably harm Death Wish and its valuable brand,” the complaint filed in the Central District of California court reads.
“The Infringing Coffee Products will duplicate the dominant element of Death Wish’s registered trademarks –i.e., DEATH,” the complaint reads. “They will likely appear in the same retailers and side-by-side with Death Wish’s products in stores, where Death Wish sells both ready-to-drink canned coffee as well as other coffee beans and coffee products.”
Upon “information and belief,” Death Wish Coffee alleges Liquid Death plans to launch such products “in or around” January 2026, according to the complaint, which claims that prior to the suit, the coffee brand asked Liquid Death to “voluntarily refrain” from launching the products and that Liquid Death had declined to do so.
“Death Wish is clearly very nervous Liquid Death will one day launch a ready-to-drink coffee. We have no plans right now to actually launch a ready-to-drink coffee,” Liquid Death said in a statement to CFO Dive. “However, as a multi-category brand, we are always thinking about future innovation.”
The company is “excited to launch our better-for-you energy-drink in January with an unextreme caffeine level (100mg) similar to a cup of coffee,” it said in the statement. “Regardless, we don't believe any one brand can own the word ‘Death.’ There are several Death brands out there, including in coffee.”
