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Tupperware replaces CEO, shares surge

Tupperware products are offered for sale at a retail store on April 10, 2023 in Chicago, Illinois.

Scott Olson | Getty Images

Tupperware on Tuesday appointed Laurie Ann Goldman as its new CEO and shook up its board as the iconic brand tries to overcome its recent struggles.

Shares of Tupperware surged 15% on Tuesday following the announcement. However, the stock is down more than 40% so far this year, and its market cap is just about $107 million. Shares are trading at about $2.30.

The company warned investors earlier this year about its ability to survive as a going concern. It has delayed its financial reporting a number of times this year amid ongoing financial struggles. In an August securities filing, the company said it identified “multiple prior period misstatements and material weaknesses in internal control over financial reporting.”

Goldman’s predecessor, Miguel Fernandez, worked just three years as the company’s CEO. The container maker also appointed three new members to its board, with Fernandez also departing the board, the company said in a statement.

Goldman had previously served as 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,” said Susan Cameron, Tupperware’s chair.

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