Sweet Leaf founder replaced by Nestle
The founder of Sweet Leaf Tea, who started the tea company in 1998, is replaced by the company's current president, a former executive at Nestle Waters North America. Clayton Christofer is stepping down and being replaced by Dan Costello as CEO, who began managing Sweet Leaf's day-to-day operations last year when the unit of Nestle invested $15.6 million in the Austin, Texas-based company (with an option to buy it in the next three years). Christopher will stay on as a member of the Sweet Leaf Tea board of directors. Nestle and private equity firm Catterton Partners are Sweet Leaf's biggest shareholders. Catterton invested $18 million in Sweet Leaf in 2008.