Kind Snacks founder Daniel Lubetzky has been named a new regular investor on "Shark Tank."

The popular investment show has presented a slate of the same well-known investors for ten years. Now, someone new is joining the mix. The panel has historically been made up of Mark Cuban, Barbara Corcoran, Lori Greiner, Robert Herjavec, Daymond John, and Kevin O'Leary. But for season 16, Cuban is departing and the founder of Kind Snacks, Daniel Lubetzky, has been named a new regular member on the show.

This will not be the first time that Lubetzky has appeared as an investor on the show overall. On season 11 through season 15, the billionaire entrepreneur has come on the show as a guest investor. During his limited appearances he has invested in several companies including FitFighter and Yellow Leaf Hammocks. Now, for season 16, he will be part of the panel on every episode.

The network is looking forward to having Lubetzky join the show in a permanent role. One of the executive producers, Clay Newbill, shared, "As a guest shark for the past five seasons, Daniel has earned his spot with the sharks... He possesses an authentic desire to help entrepreneurs grow their businesses. Daniel is a welcome addition to our panel."

Business Leaders Coverage Meeting
Business Leaders Converge In Sun Valley, Idaho For Allen And Company Annual MeetingBusiness Leaders Converge In Sun Valley, Idaho For Allen And Company Annual Meeting SUN VALLEY, ID - JULY 08: Daniel Lubetzky, founder of PeaceWorks Inc., the PeaceWorks Foundations OneVoice Movement, and KIND Healthy Snacks, attends the Allen & Company Sun Valley Conference on July 8, 2015 in Sun Valley, Idaho. Many of the world's wealthiest and most powerful business people from media, finance, and technology attend the annual week-long conference which is in its 33rd year. (Photo by Scott Olson/Getty Images) Scott Olson/Getty Images

The Kind Snacks founder is also looking forward to the new and exciting challenge. "It's an honor to be part of a production that continues to educate, entertain and unite Americans behind the spirit of building together... Most of all, I am looking forward to partnering with entrepreneurs from all walks of life as they come to 'Shark Tank' for their chance to realize the American dream."

Lubetzky has founded several companies. His claim to fame is of course his company, Kind Snacks, which he founded back in 2004. He sold this company to Mars only four years ago. However, following the sale, he held onto a financial stake in the company. He then went on to found the company Builders Movement. He founded this company alongside Liev Schreiber, Katie Couric, and Lonnie Ali. This company is a civic initiative company geared towards problem solving and making the world an all-around better place. Lubetzky also runs Camino Partners which is an investment company.

Season 16 of "Shark Tank" premieres on Oct. 18th.