Weinstein, 60, is a co-founder of INOV8, which specializes in developing and commercializing innovative beverage products such as HYDRIVE energy drink. Dr Pepper Snapple Group holds a minority interest in HYDRIVE Energy LLC, a subsidiary of INOV8. Due to his business relationship with DPS, Weinstein will not qualify as an independent director.
Additionally, John Stewart, DPS' chief financial officer, has advised the board that he will not stand for re-election when his initial term expires May 19, 2009. Stewart will continue to serve as DPS' Chief Financial Officer.
"Mike's wealth of industry experience and success in growing great brands will greatly benefit Dr Pepper Snapple as we pursue our goal of being the best beverage business in the Americas," says Wayne R. Sanders, chairman of the board of DPS. "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."
Weinstein served as president and chief operating officer of A&W Brands, in the early '90s and later as CEO of Snapple Beverage Group, which was acquired by Cadbury Schweppes in 2000. During his career, he also has overseen such brands as RC Cola, Squirt, Mistic, Stewart's, and Vernor's and has led global innovation and business development teams. Weinstein was named to Beverage World magazine's Hall of Fame in 2000 and received Beverage Digest's prestigious "Visionary Award" in 2004.
He holds a bachelor's degree with honors in economics from Lafayette College in Easton, Pennsylvania, and a master's degree from Harvard Business School. He is a board member of the H.J. Heinz Company.
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