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Some analysts think that Vultaggio's stubborn streak, especially his rejection of advertising, is hurting him. Pirko, president of BevMark, believes that with soda lagging, Coke and Pepsi will shift some focus to trouncing Arizona. "It's vulnerable," Pirko says of Arizona. "Word of mouth might work when there's little competition, but now the shelves are overloaded, groaning with new products. He who spends is usually he who gets the space." Vultaggio is utterly unmoved. "We've got a winning formula," he says. "What's the sense of changing it?"
He's stubborn, but he is not standing still. Vultaggio is making a bet on the energy-drink craze, pioneered by Red Bull and the hot upstart Monster. In April he will unveil a hybrid product: Arizona's Green Tea Energy Drink, packaged in a sleek black can--a bizarre combination that promises to keep you up all night while helping your heart. Don't be surprised if Vultaggio finds another hit. "People see something exciting, and they remember it," he says. "Think they remember the first time they had C2 [Coke's low-calorie cola]? I doubt it." Sure, you can take the CEO off the street. But that doesn't mean he can't still hurl some bricks.