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Monster Beverage has announced the appointment of long-term CFO Hilton H. Schlosberg as co-CEO of the company.

Schlosberg – who has resigned his positions as president, CFO, COO and secretary of Monster Beverage – will serve as co-CEO alongside Rodney C. Sacks.

Sacks, who has occupied the role of CEO since 1990, will also continue as chairman of the board and Schlosberg will continue as the board's vice chairman.

Schlosberg has held senior leadership positions with Monster for more than 30 years, including as the company’s CFO for over 23 years.

“For decades, Hilton has been my business partner in running the company. Hilton and I have operated as co-leaders of the company as it has grown over the years,” said Monster Beverage chairman and co-CEO, Sacks.

In addition, Monster has announced the appointment of Thomas J. Kelly as the company’s CFO, succeeding Schlosberg.

Sacks and Schlosberg said jointly: “We are pleased for Tom as he steps into the position of CFO. Tom has extensive experience from his many years at the company, most recently as executive vice president of finance, and this is a seamless transition for the company.”