Parent company Dr Pepper Snapple Group (DPS) did not cite a reason or provide any further details regarding Ben Weiss’s departure from the brand he founded in 2009, but included a brief statement from the former CEO in a press release.
BevNET has learned that Bai Brands founder and CEO Ben Weiss has left the company. Although sources close to the company confirmed to BevNET that Weiss has departed, it’s unclear at this time whether he was dismissed by Dr Pepper Snapple Group (DPSG), which acquired Bai in February, or if he resigned.
Bai CMO Michael Simon discusses the company's decision to move creative in-house; Twitter bans a fake RC Cola parody account after its political tweet goes viral; Nutrition Policy Institute members call for energy drink caffeine caps; Nostalgia helps drive a Clearly Canadian revival; USA Today reports on the rise of craft soda
Investors have sought more details about DPSG's revised growth plan for Bai and on whether its management team can deliver on high expectations. On Tuesday, a report from Wells Fargo Securities offered a clearer analysis of the acquisition, the guidance revision, and the future of Bai, presenting optimism along with some explanations
Bai, which DPSG acquired for $1.7 billion in November, saw 80 percent volume growth over the quarter. While the company is optimistic for Bai’s flagship brand to grow, current predictions point to Bai Bubbles, Supertea, and Black having the greatest potential, particularly as the sparkling water category sees double-digit growth, according to DPSG CEO Larry Young.
Zoe Leavitt, Retail & Food Technology Analyst at CB Insights, led the online presentation, which explored recent investments, current trends and forward-thinking innovations in the food and beverage industries.
In an investor call held this morning, DPS president and CEO Larry Young said that the company is “excited to see this team continue the breakthrough and disruptive innovation providing consumers with great-tasting and low-calorie beverages” and hailed the acquisition of Bai as one that “makes a tremendous amount of sense for us.”
Dr Pepper Snapple Group (DPSG) reported Q3 revenues of $1.68 billion in its quarterly financial results summary released Thursday morning, topping analysts’ projections with a 3.1 percent increase from the same period last year.
Speaking with BevNET at the NACS 2016 show in Atlanta, Alana Radmin, vice president of communications for Bai, said the partnership came together after Timberlake met founder Ben Weiss through another investor in the company.
Earlier this month, PepsiCo introduced a new packaged format for its Stubborn line of craft sodas. Scott Finlow, vice president of innovation and insights for global foodservice at PepsiCo said that the company views craft beverages as an important part of the company’s future, telling Fortune that “Craft is not a fad. It is here to stay.”
A longtime veteran of the food and beverage industry, Sarah Bird takes the reins from Bhakti founder Brook Eddy, who now serves as chairwoman of the company’s board of directors. Eddy remains “involved in the vision, innovation and culture” of Bhakti, according to the company.