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Snap Judgments
This fast-paced presentation details the perils, pitfalls and ultimate perseverance of one of America’s enduring product success stories: SNAPPLE. Mike Weinstein traces the history of this upstart brand from its roots in Queens, New York where three entrepreneurs built an apple juice business into a block buster brand. His presentation details the brand’s sale to Quaker Oats, its stumble and near demise as this corporate giant tried to remake the brand to fit its business model and the sale of Snapple only one year later to Triarc Companies, with Mike Weinstein spearheading the turnaround of the brand. Under Weinstein’s innovative leadership, Snapple was built back up into a powerhouse to be sold for 4.5 times its original purchase price, 3 years later to Cadbury Schweppes. Weinstein’s tale is the ultimate example of successful corporate strategy, versus strategy gone awry. It’s a lesson that transcends the beverage industry and offers innovative ideas for every brand and business.
Michael Weinstein is Chairman and co-founder of the INOV8 Beverage Consulting Group, based in Rye, New York. INOV8 specializes in providing advisory services to emerging beverage companies as well as established brands that are in need of fresh and innovative thinking. In 2006 INOV8 developed and commercialized Hydrive Energy Water, a uniquely positioned product in the fast growing energy drink segment. The brand achieved distribution in over 30,000 retail outlets and was sold in November 2012 to Big Red Inc., an affiliate of the Dr Pepper Snapple Group.
He began his career at the Pepsi-Cola Company in 1972 where he held various sales and marketing positions. From 1978-1981, he was Vice-President/Account Supervisor at Kenyon & Eckhardt Advertising in New York overseeing accounts including Coca-Cola new soft drink products and Taylor Wines. In 1981, he joined A&W Brands, a soft drink manufacturer, as VP Marketing and rose to President/Chief Operating Officer and Board member subsequent to an IPO in 1987. A&W was sold to Cadbury Schweppes in 1993, returning initial equity holders over 200x their original investment in 7 years. Between 1995 and 2000 he was CEO of the Snapple Beverage Group (SBG) which marketed multiple beverage brands including Snapple, Royal Crown, Mistic and Stewart’s. SBG had purchased Snapple from Quaker Oats for $300 Million and was acquired by Cadbury Schweppes 3 years later for $1.5 Billion. Weinstein became Cadbury’s President of Global Innovation and Business Development in 2001, a position he held for 2 years before leaving to form INOV8.
Mr. Weinstein received a bachelor’s degree with honors in Economics from Lafayette College in 1970, where he was captain of the varsity swim and water polo teams. In 1972 he received an MBA degree from the Harvard Business School. He currently serves on the Board of Directors of Bob Evans Farms. Previously, he was a Board Director of the Dr Pepper Snapple Group (2009-2012) and the H. J. Heinz Company (2006-2013), serving on the Audit and Compensation Committees. He serves on the regional board of NFTE (Network for Teaching Entrepreneurship) where he teaches marketing classes in high schools in low income communities in Westchester and Fairfield Counties. Weinstein was Beverage Industry Executive of the Year in 1999 and was inducted in the Beverage World Hall of Fame in 2000. He is an avid kayaker, cyclist, paddleboarder, photographer and ex-runner (2:43 marathon PR).
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