UPDATE 3-Tupperware names Laurie Goldman new CEO, adds three to board amid turnaround
(Updates share movement, adds details on annual report in paragraph 8)
Oct 17 (Reuters) - Tupperware Brands on Tuesday named consumer goods industry veteran Laurie Ann Goldman its new CEO, replacing Miguel Fernandez effective immediately, as the storage container maker looks to turn its struggling business around.
Shares of Orlando, Florida-based Tupperware jumped about 18%, to $2.38 in early trading, set to add on to the nearly 200% surge in the past three months owing to a rally in the so-called "meme stock".
The company also named three new directors to its board, with a focus on financial and turnaround experience as well as expertise in direct-sales marketing.
Goldman has previously held the top job at beauty products firm Avon North America between 2018 and 2019 and served as the CEO of shapewear maker Spanx - where she helped transform the startup into a global leader in the category - from 2002 to 2014. She has also held leadership roles at Coca-Cola.
"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, chair of Tupperware's board.
Known for its colorful plastic airtight containers, Tupperware had raised doubts in April about its ability to continue as a going concern, as its losses piled up and sales dwindled sharply amid a demand slump and rising competition.
The company said last month it had finalized a debt restructuring deal to help reduce or reallocate cash interest and fees and had taken measures, including selling a production plant, to repay loans.
Tupperware had
said
in May it would restate its financial reporting for 2022 due to misstatements. It filed the restated 2022 annual report with the Securities and Exchange Commission last week. (Reporting by Deborah Sophia in Bengaluru; Editing by Nivedita Bhattacharjee and Pooja Desai)
