Shares of Tupperware Brands Corp. (Ticker: TUP) dropped 3.5% in premarket trading on Tuesday following the announcement of a major leadership shakeup. The food-storage container company has replaced Chief Executive Miguel Fernandez after his 3 1/2-year tenure, effective immediately.
New President, CEO, and Board Member
In an effort to support the company’s ongoing turnaround strategy and execution, Tupperware has named Laurie Ann Goldman as the new President, CEO, and a board member. Goldman brings with her an impressive track record, having previously served as the CEO of Avon North America, CEO of Spanx, and most recently as CEO of AVME Aesthetics.
Board Refreshment
Alongside the leadership changes, Tupperware has also announced a “board refreshment.” Four current directors have stepped down, making way for the addition of three new directors. These new additions include individuals with financial and operational experience, as well as expertise in direct-sales and marketing.
A New Era of Leadership
According to Chairperson Susan Cameron, the timing for this change in leadership couldn’t be better. She believes that Laurie Ann Goldman is not only well-suited to advance Tupperware’s long-term strategy but also to accelerate the company’s growth.
Stock Performance
Tupperware stock has experienced significant volatility in recent months. While it has skyrocketed by an astounding 210.8% over the past three months, it has also suffered a sharp decline of 51.2% year to date. In comparison, the S&P 500 has slipped 3.3% over the same three-month period but has gained 13.9% so far this year.
Stay tuned for updates on Tupperware Brands Corp. as the company embarks on this new chapter under Laurie Ann Goldman’s leadership.