Tupperware's stock shoots up after CEO Fernandez replaced, board 'refreshed'

By Tomi Kilgore

Food-storage container company names Laurie Ann Goldman as new CEO, succeeding Miguel Fernandez who was in the role since April 2000

Shares of Tupperware Brands Corp. got a big boost Tuesday, after the food-storage container company replaced Chief Executive Miguel Fernandez after 3 1/2 years in the role, effective immediately.

The company named Laurie Ann Goldman as CEO, to succeed Fernandez who was in the role since April 2020. Goldman was also named president and to the company's board of directors.

"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, who chairs Tupperware's board of directors.

Tupperware's stock (TUP) shot up 12.4% in morning trading,

Goldman was previously CEO of Avon North America and CEO of Spanx, and was most recently CEO of AVME Aesthetics.

"Laurie Ann brings the right mix of business and brand experience and has built consumer affinity for some of the world's most iconic brands," Cameron said.

Prior to Tuesday's rally, the stock had pulled back 20.8% in two days, after a three-day, "meme"-like 117.9% rocket ride to a two-month high of $2.55 on Oct. 12.

Also read: How 'left-for-dead' Tupperware became a buzzy trading play.

Tupperware also announced a "board refreshment," as four current directors stepped down and three were added, including two with financial and operational experience and one with direct-sales and marketing experience.

Despite the recent renewed investor interest in the stock, the company's troubles have left the stock down by about two-thirds in the past year, and down more than 90% from a post-COVID peak of $37.78 on Jan. 7, 2021.

In the company's 2022 annual report filed on Oct. 13, the company reiterated its warning that there was "substantial doubt about its ability to continue as a going concern" for at least one year, due to uncertainties about liquidity and ability to execute its transformation plan.

The stock has rocketed 249.2% over the past three months but has plunged 68.3% over the past 12 months. In comparison, the S&P 500 index has slipped 3.5% in the past three months and gained 18.7% in the past year.

-Tomi Kilgore

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10-17-23 1105ET

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