Tupperware named Laurie Ann Goldman as its new CEO on Tuesday and restructured its board as the renowned business attempts to overcome recent difficulties.
- IMPORTANT NOTES
- Laurie Ann Goldman has been named the new CEO of Tupperware.
- Tupperware stock soared on the announcement.
- The legendary container manufacturer is seeking to turn its faltering business around.
Tupperware stock jumped 15% after the announcement on Tuesday. However, the stock has down more than 40% this year, with a market worth of around $107 million. The stock is currently trading at around $2.30 per share.
Earlier this year, the company issued a warning to investors regarding its ability to continue as a going concern. It has postponed its financial reporting several times this year due to continuous financial difficulties. The company stated in an August securities filing that it discovered “multiple prior period misstatements and material weaknesses in internal control over financial reporting.”
Miguel Fernandez, Goldman’s predecessor, was CEO for only three years. The container manufacturer also named three new board members, while Fernandez stepped down, according to a corporate statement. Previously, Goldman was the CEO of Avon North America and Spanx. “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 chair Susan Cameron said.
Also Read: Bank Of America Outperforms Profit Forecasts Due To Higher-Than-Expected Interest Income
Tupperware Brands Corp. TUP, +11.83% shares surged in premarket trade Tuesday after the food-storage container business said that Chief Executive Miguel Fernandez would be replaced effective immediately after 3 1/2 years in the job. Laurie Ann Goldman was appointed president, CEO, and board member “to support the company’s continued turnaround strategy and execution.
” Goldman was previously the CEO of Avon North America, the CEO of Spanx, and the CEO of AVME Aesthetics. The stock dropped as much as 4% in the minutes following the announcement, but it is now up 20.8%. Tupperware also announced a “board refreshment,” with four current members stepping down and three new directors appointed, including two with financial and operational experience and one with direct-sales and marketing experience.
Click Here to know more about Tupperware.
“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, the chairwoman of the board. The stock has risen 210.8% in the last three months but has down 51.2% year to date, while the S&P 500 SPX, -0.19% has fallen 3.3% in the last three months but gained 13.9% this year.
Also Read: As Travel Grows, Choice Hotels Bids Roughly $8 Billion For Larger Rival Wyndham Hotels & Resorts
image source: google
