Tupperware's new CEO and the challenges she faces
Tupperware brought on a new CEO as it tries to turn around its losses. Laurie Goldman comes to the company with having more than three decades of leadership experience.
Tupperware Brands Corporation's newest CEO Laurie Ann Goldman is a seasoned executive whose sat at the helm of Avon North America and Spanx.
However, Goldman is expected to face a hefty challenge in taking over the Florida-based product company that saw its stock price plummet more than 70% over the past year and even questioned its ability to survive.
Tupperware announced Tuesday that Goldman would be taking over as CEO, president and director of the board effective immediately to support and help execute the company's turnaround plan. Goldman replaces Miguel Fernandez who took over the company in March 2020.
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Goldman comes to Tupperware with over three decades of leadership experience, including running three companies.
She was most recently the CEO of OVME Aesthetics, which is a provider of medical aesthetic treatments, according to Tupperware.
However, between 2018 and 2019, she is credited with driving value creation for beauty company Avon North America while serving as CEO. Avon is a social selling beauty in North America with 250,000 independent sales representatives, according to Goldman's LinkedIn page.
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Prior to her time at Avon, Goldman was the CEO of Spanx for over a decade from 2002 to 2014. During this time, Goldman transformed the "startup into a global category leader and household name."
The company disclosed in recent filing with the U.S. Securities and Exchange Commission that it began facing financial headwinds and operation challenges in 2019 which resulted in a "multi-year decline" in its financial performance.
The company said in the filing that its net sales and revenues declined as it "struggled to return its direct selling business to long-term revenue growth."
The company continued to face hardship, even as it assumed new executive leadership in 2020, with battling coronavirus-related shutdowns around the globe, the company said in the filing.
In 2020, the company initiated a turnaround plan and has been trying to execute goals including improving profitability, strengthening its balance sheet and restructuring its debt, ever since. However, in April, the company noted in a regulatory filing that there was "substantial doubt about its ability to continue."
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In its latest quarterly report, the company took a $35.2 million hit in profits.
Even still, Goldman underscored her optimism for the company's ability to continue operating.
"I am excited and energized to lead this iconic brand whose innovative products are coveted by millions around the world," said Goldman. "This is a tribute to the entrepreneurial and inventive spirit of the wonderful teams that sell and create Tupperware and its impressive retail partners. I can't wait to delight more consumers with the celebrated products they trust and love."