Cadbury Schweppes plans to finalize its spin-off of its American beverage division early next month, subject to shareholder approval, the company announced. In addition, Wayne Sanders will become chairman of the Dr Pepper Snapple Group Inc., following the demerger.
Sanders spent 28 years at Kimberly-Clark where he served 11 years as chairman and chief executive officer before retiring in 2003. He currently is on the board of Texas Instruments and Belo Inc.
“I am thrilled to be joining Dr Pepper Snapple at such an exciting time in the company’s history,” Sanders said in a statement. “The business has a strong, diverse portfolio of household name brands loved by the consumer with enviable market shares and a unique, integrated business model.”