Dr Pepper Snapple Group names board members
March 19, 2008
by FoodBusinessNews.net Staff
PLANO, TEXAS — Cadbury Schweppes P.L.C. has named four new members to the board of directors for Dr Pepper Snapple Group, Inc., which is the new name for Cadbury Schweppes Americans Beverages. The additional directors are Jack Stahl, Terry Martin, Pamela Patsley and Anne Szostak.
"I am extremely pleased that Dr Pepper Snapple Group has attracted such a distinguished group of highly qualified board members to help oversee its transition to an independent publicly traded company," said Wayne Sanders, incoming chairman. "Their diverse background and relevant industry experience perfectly complement the talented management team DPSG already has in place and will only accelerate the company’s ambition to become an industry leader in each category in which it completes. I look forward to working alongside each of them and leveraging their extensive knowledge and capabilities as we begin writing the next chapter in the company’s history."
Mr. Stahl spent 22 years at The Coca-Cola Co. and was chief executive officer and president of Revlon from 2002 to 2006. Mr. Martin was previously the chief financial officer at Quaker Oats Co., and Ms. Patsley is a c.p.a. and has worked as an executive in the financial services sector for more than 20 years. Ms. Szostak is president and c.e.o. of Szostak Partners, a firm that provides advice on strategic and human resource issues.
As a part of the process of the separation of the beverage and confectionery businesses and pending necessary approvals, Cadbury also announced that ordinary shareholders will receive 64 ordinary shares in Cadbury P.L.C. and 12 shares of common stock in DPSG for every 100 listed Cadbury Schweppes ordinary shares. Cadbury P.L.C. will be listed on the London Stock Exchange and DPSG will be listed on the New York Stock Exchange.
The company said it has had a strong start to the year in all regions and attributes this to an early Easter and continued momentum in gum and revenue growth from American Beverages. Both businesses have implemented price increases to offset commodity input costs.