Tupperware merchandise are provided on the market at a retail retailer on April 10, 2023 in Chicago, Illinois.
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Tupperware on Tuesday appointed Laurie Ann Goldman as its new CEO and shook up its board as the enduring model tries to beat its latest struggles.
Shares of Tupperware surged 12% on Tuesday following the announcement. However, the inventory is down greater than 40% to date this yr, and its market cap is nearly $107 million. Shares are buying and selling at about $2.30.
The company warned traders earlier this yr about its capability to outlive as a going concern. It has delayed its monetary reporting numerous occasions this yr amid ongoing monetary struggles. In an August securities filing, the company mentioned it recognized “a number of prior interval misstatements and materials weaknesses in inside management over monetary reporting.”
Goldman’s predecessor, Miguel Fernandez, labored simply three years because the company’s CEO. The container maker additionally appointed three new members to its board, with Fernandez additionally departing the board, the company said in a statement.
Goldman had beforehand served as CEO of Avon North America and Spanx.
“Now is the correct time to usher in new management, and Laurie Ann is exceptionally well-suited to advance our long-term technique and speed up development,” mentioned Susan Cameron, Tupperware’s chair.