$1.4 billion beverage company taps Ricky Khetarpaul to lead financial strategy as brand prepares for energy drink market entry

Liquid Death, the Los Angeles-based beverage company known for its distinctive skull-branded canned water, has appointed Ricky Khetarpaul as its new Chief Financial Officer. The appointment comes as the $1.4 billion company prepares for significant expansion into new beverage categories, including the competitive energy drink market.

Strategic Leadership Addition

Khetarpaul brings extensive beverage industry experience to his new role, having previously served as CFO of Health-Ade, the kombucha and gut-health beverage brand. His career includes senior finance positions at major food and beverage companies, including over eight years at PepsiCo where he led reporting, forecasting, and planning for a $5 billion beverage portfolio.

"It's a truly healthy beverage platform with a proven track record as an innovator across categories," Khetarpaul said of his decision to join Liquid Death. "I've been a big fan of Liquid Death."

The new CFO also held the position of North America CFO for Lavazza and leadership roles at Sabra Dipping Co. and Walgreens Boots Alliance, providing him with diverse experience across the consumer packaged goods sector.

Impressive Growth Trajectory

Founded in 2017 by CEO Mike Cessario, Liquid Death has achieved remarkable growth since its market launch in 2019. The company reported scanned sales exceeding $300 million in 2024 and has maintained a 380% compound annual growth rate (CAGR) since launch.

The brand's success stems from its unique positioning in the beverage market, offering water, sparkling water, and iced tea with fruit juice in distinctive tallboy cans featuring edgy, skeleton-stamped branding. Despite the alcohol-adjacent packaging, all products are non-alcoholic.

Recent expansion efforts include a new distribution partnership with Big Geyser in New York, demonstrating the company's commitment to broadening its market reach.

Targeting Gen Z and Millennial Consumers

Liquid Death's marketing strategy has proven particularly effective with younger demographics, with Gen Z and millennials comprising over 70% of the brand's customer base. This aligns with broader industry trends, as recent NCSolutions survey data indicates that half of Gen Z consumers choose to be alcohol-free, with 43% believing their generation drives the "sober curious" movement.

The company's social media presence reflects this focus, with 14.5 million followers across TikTok and Instagram platforms. CEO Cessario, a former marketing executive, credits the brand's entertainment-first, social media-centric approach for its strong consumer appeal.

Financial Strategy and Growth Vision

Khetarpaul emphasized his growth-oriented approach to the CFO role, stating: "I view the CFO role as a growth driver, not just a traditional controller. Liquid Death's marketing converts brand awareness into sales; the company is very metrics-driven. We measure marketing investments both strategically and in terms of ROI, which is music to any CFO's ears."

His experience in sales and marketing at PepsiCo before transitioning to finance positions him well to support Liquid Death's continued expansion strategy.

Energy Drink Market Entry Planned

Looking ahead, Liquid Death plans to enter the $23 billion energy drink market in 2026 with Liquid Death Sparkling Energy. The product will differentiate itself by using natural caffeine from coffee beans rather than synthetic sources, maintaining the brand's commitment to natural ingredients.

However, the energy drink segment presents significant competitive challenges, with established players like Red Bull and Monster dominating market share. Khetarpaul's role will be crucial in developing the financial strategy to compete effectively in this space.

The company has also demonstrated innovation through strategic partnerships, recently launching a limited-edition Fruity Pebbles sparkling water called "Cereal Criminal" exclusively on Amazon.

Industry Impact and Future Outlook

Khetarpaul identified consumer loyalty as the primary challenge facing CPG brands today. "Even bigger brands I've worked with have struggled," he noted. "But in just a few years, Liquid Death has built one of the biggest fan bases in the beverage industry."

As CFO, Khetarpaul will play a key leadership role in helping Liquid Death achieve CEO Cessario's vision of becoming "the next true multi-category beverage brand."

Khetarpaul replaces Karim Sadik-Khan, who served as CFO from June 2024 and has since moved to the CFO position at Spindrift.

With a loyal consumer base, strong financial performance, and experienced leadership team, Liquid Death appears well-positioned to continue its disruptive impact on the beverage industry across multiple categories.