Tupperware has replaced its CEO following months of struggle for the iconic container brand.
Laurie Ann Goldman, former CEO for companies such as Spanx and Avon North America, was appointed Tupperware’s new CEO Tuesday (Oct. 17), the company said in a news release.
She replaces Miguel Fernandez, who is also leaving the company’s board, and who had served as Tupperware’s CEO for the last three years, according to the release.
“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 of directors, in the release. “Laurie Ann is a trusted and growth-oriented leader with extensive management experience in the consumer goods industry.”
Goldman’s appointment comes months after developments that showed Tupperware in danger of collapse.
In a regulatory filing with the Securities and Exchange Commission (SEC) in April, the Orlando-based company expressed “substantial doubt” about its ability to remain in business and was looking for financing with the help of advisors. It was also evaluating cost-cutting measures such as reviewing its real estate assets.
Tupperware stated that it would be forced to halt business operations if it couldn’t obtain additional funding, as it lacked sufficient cash to sustain its activities.
A CNBC report Tuesday noted the company has delayed financial reporting multiple times this year due to its struggles. In another securities filing in August, Tupperware said it uncovered “multiple prior period misstatements and material weaknesses in internal control over financial reporting.”
Meanwhile, the company has tried to reach a wider and younger audience by distancing itself from its traditional image, working with brands like Target and bag company Vera Bradley.
In May, Tupperware looked to its past via another partnership with Amazon Prime Video involving the launch of its Heritage Collection bowls.
To mark the fifth and final season of “The Marvelous Mrs. Maisel” on Prime Video, Tupperware began selling its Heritage bowls in vintage colorways on Amazon, encouraging fans to “Stock your fridge like Midge.”
Midge is the title character of the Amazon comedy. In the show’s fourth season, she begins hosting Tupperware parties as a new source of income.
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