US: Dr Pepper Snapple elects veteran Weinstein to board
Dr Pepper Snapple has announced that Mike Weinstein, ex-CEO of the Snapple Beverage Group and current chairman of INOV8 Beverage Company, will join its board of directors.
Weinstein, aged 60 and who has worked in the industry for 35 years, was unveiled as a newly elected board member yesterday (10 February).
He is co-founder of the INOV8, which has produced the HYDRIVE energy drink. Dr Pepper Snapple (DPS) owns a minority stake in HYDRIVE Energy, a subsidiary of INOV8.
DPS chairman Wayne Sanders said: "Through his past association with many of our trusted brands and his background in new product development, Mike has shown himself to be among the most well-respected and capable leaders in the business."
In the 1990s, Weinstein served as president and chief operating officer of A&W Brands, before moving to Snapple Beverage Group, until it was acquired by Cadbury Schweppes in 2000.
DPS minority shareholder, Trian Fund Management, which is controlled by investor Nelson Peltz, welcomed Weinstein's election.
"Mike successfully turned around Snapple with us in the 1990s and later held senior positions at Cadbury Schweppes plc after it acquired Snapple in 2000," said Trian, which holds a 7.2% stake in DPS. "Mike is a world-class marketer and has extensive experience growing and revitalising beverage brands," it added.
Separately today, DPS announced that chief financial officer John Stewart will not stand for reelection to the board when his term expires on 19 May this year. He will continue as CFO, however, the firm said.
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