Shares of Tupperware Brands experienced a significant boost as the company announced the appointment of a new chief executive officer. The stock surged by 19% to $2.40 during early trading, although it is still down by 42% for the year.
Tupperware Brands, known for its food-storage containers and its presence in the beauty and personal-care market, disclosed that Miguel Fernandez has been replaced as CEO. In his place, Laurie Ann Goldman, former CEO of Spanx and Avon North America, will take the helm.
Fernandez assumed the position of CEO in 2020 after holding executive roles at Herbalife Nutrition. Interestingly, Richard Goudis, former CEO of Herbalife, joined Tupperware’s board of directors around the same time as Fernandez’s appointment. However, Goudis recently announced his impending resignation as Tupperware’s executive vice chair and director.
In addition to the CEO change, Tupperware is revamping its board. Four directors are departing, while three new ones will step in. Laurie Ann Goldman will occupy Fernandez’s vacant seat. The rejuvenated board will consist of 11 seats, with 10 of them being filled by independent directors.
This promising development has sparked optimism among investors. Tupperware Brands is undoubtedly striving to recover from recent challenges, and the strategic changes indicate a determination to bring about positive progress.