Tupperware Appoints New CEO; Stocks Surge 12% Amid Executive Reshuffle

Tupperware Brands Corporation announced the appointment of Laurie Ann Goldman as its new chief executive officer on Wednesday, leading to a 12% increase in its share price.

CNN Business reported that the 60-year-old new Tupperware CEO will take over immediately. She will replace Miguel Fernandez, who joined the company in April 2020. Before her new appointment, she worked in the same position at Spanx Inc., an underwear manufacturing company, for 12 years.

Goldman also served as CEO of Avon North America for a year - from August 2018 to August 2019. Her most recent role before moving to Tupperware was head of OVME Aesthetics.

Executive Shake-up at Tupperware and Turnaround Attempt

Aside from Goldman, the Florida-based maker of plastic kitchen containers and utensils also named three new directors to its board. These changes are part of the company's attempt to stay afloat.

The new executives are now expected to help Tupperware with its turnaround plan. The reorganization within the firm started in October when it announced a massive shift in its business model, such as selling its goods through Target stores across the United States.

This is a big change since the company is known to sell its products via its website or in-home "Tupperware parties" only. It may have collaborations with leading retailers like Bed Bath and Beyond and HomeGoods, but the arrangements were always for a short time and very limited.

Share Price Surges Following New CEO Announcement

As per CNBC, the share price of Tupperware soared by 12% after the announcement of CEO replacement. Investors cheered on Goldman's takeover since the new leadership may help the company overcome its struggles.

"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," Tupperware's Board of Directors chairman, Susan Cameron, said in a press release. "Laurie Ann is a trusted and growth-oriented leader with extensive management experience in the consumer goods industry."

She added, "We are confident that Laurie Ann's proven history of motivating global sales teams, along with her strong operational and financial capabilities, will empower our teams and accelerate our efforts to guide Tupperware to sustainable, long-term growth."

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