Tupperware Brands
shares were rising Tuesday after the reusable-container company announced a new chief executive and changes to its board.
Tupperware
stock (ticker: TUP) was 11% higher at $2.25 on Tuesday morning.
The company said it has named Laurie Ann Goldman as president, CEO, and director of the board “to support the Company’s continued turnaround strategy and execution,” effective immediately. Goldman, who previously served as CEO of the apparel company Spanx, succeeds Miguel Fernandez, who joined Tupperware in April 2020. In the same release, the company appointed three members to its board of directors, saying four voluntarily stepped down.
“Now is the right time to bring in new leadership, and Laurie Ann is exceptionally well-suited to advance our long-term strategy and accelerate growth,” said Susan Cameron, chair of Tupperware’s board of directors, in the release.
During Fernandez’s reign, the stock made gains—it rose 25% from March 31, 2020 through Monday’s close, according to Dow Jones Market Data—but the past year has been a roller coaster.
From July 20 through Aug. 1, the stock skyrocketed more than 700%, but the shares are still down 46% so far this year. On April 3, the company said in a filing with the Securities and Exchange Commission that “there is substantial doubt about its ability to continue as a going concern.”
It said April 7 that it was working with financial advisers to improve its capital structure and better position the business. And in June, Tupperware said it received a notice from the New York Stock Exchange saying it wasn’t in compliance with the requirements for the stock to remain listed.
On Friday, the company finally posted its annual 10-K securities filing for 2022 after posting preliminary results back in March. Net sales were $1.30 billion for the year, down from $1.6 billion in 2021. The company has said it would file its quarterly reports for the first three quarters of this year “as promptly as possible.”
The new CEO will have plenty to do.
Write to Emily Dattilo at [email protected]
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