Good morning. Liquid Death has tapped Ricky Khetarpaul, a PepsiCo alum, as finance chief of the popular L.A.-based water startup that’s expanded into other beverages.
“It’s a truly healthy beverage platform with a proven track record as an innovator across categories,” Khetarpaul told me. “I’ve been a big fan of Liquid Death.”
Founded in 2017 by CEO Mike Cessario, Liquid Death is valued at approximately $1.4 billion and is known for its edgy, skeleton-stamped tallboy cans filled with water, sparkling water, or iced tea with fruit juice—not alcohol.
In 2024, the company’s scanned sales were north of $300 million, and it has achieved a 380% CAGR since its 2019 launch. This month, Liquid Death announced a new distribution deal with Big Geyser in New York.
Khetarpaul succeeds Karim Sadik-Khan, who joined Liquid Death as finance chief in June 2024. Sadik-Khan is currently the CFO at Spindrift, according to his LinkedIn profile.
Before joining Liquid Death, Khetarpaul was the CFO of Health-Ade, a kombucha and gut-health soda brand. He previously served as North America CFO for Lavazza, spent over eight years in finance at PepsiCo, leading reporting, forecasting, and planning for a $5 billion beverage portfolio, and held leadership roles at Sabra Dipping Co. and Walgreens Boots Alliance.
He noted that the biggest challenge for CPG (consumer packaged goods) brands is building strong consumer loyalty. “Even bigger brands I’ve worked with have struggled,” he said. “But in just a few years, Liquid Death has built one of the biggest fan bases in the beverage industry.”
Strategic marketing
According to a recent NCSolutions survey, half of Gen Zers said they are alcohol-free by choice, and 43% believe Gen Z is driving the “sober curious” movement. Gen Z and millennials account for over 70% of Liquid Death’s customers.
Cessario, a former marketing executive, credits the company’s entertainment-first, social media-centric marketing for its strong appeal among young consumers. Liquid Death has 14.5 million followers across TikTok and Instagram.
Khetarpaul sees marketing as a growth center, drawing on his own experience in sales and marketing at PepsiCo before moving into finance. “I view the CFO role as a growth driver, not just a traditional controller,” he said. “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.”
The brand has also run campaigns with celebrities and partners. For example, it recently launched a limited-edition Fruity Pebbles sparkling water called Cereal Criminal on Amazon. Liquid Death plans to enter the $23 billion energy drink market in 2026 with Liquid Death Sparkling Energy, which is naturally caffeinated from coffee beans rather than synthetic sources, Khetarpaul said.
However, the segment is highly competitive, dominated by brands such as Red Bull and Monster. As CFO, Khetarpaul is set to play a key leadership role in helping Liquid Death become the “next true multi-category beverage brand,” Cessario said in a statement.
Backed by a loyal fan base and an ambitious CFO, Liquid Death is ready to disrupt the beverage aisle—again.
Sheryl Estrada
sheryl.estrada@fortune.com
Leaderboard
Lydia Brown has been appointed CFO of Citrin Cooperman, a professional services provider for private, middle market businesses and high net-worth individuals, effective Oct. 13. Brown succeeds Larry Diamond, who will retire after three years of dedicated service as the firm's CFO. Brown brings more than 30 years of experience in the professional services industry, including senior financial leadership roles across both private-equity-backed and publicly traded companies. Most recently, she served as CFO for HKA, a global consultancy.
Craig Chamberlin was appointed EVP and CFO of Vertiv Holdings Co. (NYSE: VRT), a digital infrastructure company, effective Nov. 10. Chamberlin succeeds David Fallon, who previously announced his intention to retire from Vertiv and serve as a consultant to the company through Dec. 31. Chamberlin joins Vertiv from Wabtec Corporation, where he most recently served as group VP and CFO of the company's transit segment.
Big Deal
The 2025 Fortune Most Powerful Women (MPW) Summit began on Monday in Washington, D.C., and continues through Wednesday. You can join us at MPW via livestream for the main stage sessions. View the agenda here.
The MPW franchise started in 1998 with the publication of the first-ever Most Powerful Women in Business ranking. The response to this list made it clear that these trailblazing women needed a platform to come together and discuss the unique challenges they were facing. And so, Fortune MPW evolved into a community of leaders that gathered at invite-only events, such as the annual Summit. This year’s theme is "Leading in a Dynamic World."
Going deeper
The latest EY Global IPO Trends report found that in Q3 2025, global equity markets rebounded strongly, with major indices in the U.S., Asia, and Europe reaching new highs after months of pressure from tariffs, interest rate uncertainty, and debt concerns. The rally was driven by looser monetary policy and solid corporate earnings, according to the report.
Overheard
“Frankly, this thing that trade is dead is completely overstated. Trade is like water. You put [up an] obstacle, it goes around it.”
—Kristalina Georgieva, head of the International Monetary Fund, said during the Fortune Most Powerful Women summit in Washington, D.C., on Monday. Georgieva downplayed any fears of a trade war but recognizes the world is becoming “foggier” and full of uncertainty. She said one of the biggest challenges comes from getting buy-in that cooperation is better than division: “We are in this one big boat. It is a rough sea. We'd better row together," Fortune reported.
