Shares of consumer products provider Tupperware Brands (NYSE:TUP) are marching higher today after the company announced major leadership changes and made its annual regulatory filing for the year 2022. TUP has named Laurie Ann Goldman as its President, CEO, and Director of the Board, replacing Miguel Fernandez as president and CEO. Fernandez will also cease to serve as a Director of the company’s Board with immediate effect.
Goldman is a veteran in the consumer goods industry with previous stints as the CEO of Avon North America, Spanx, and OVME Aesthetics. Goldman will have the onus of helping TUP drive and execute its turnaround strategy.
The company also announced three new appointments to its Board of Directors. While TUP has filed its annual report for 2022, it has yet to file quarterly reports for the first three quarters of 2023. In an effort to shore up its balance sheet, TUP recently entered into a debt restructuring agreement with its lenders.
The debt restructuring is expected to help the company improve its overall financial health while allowing more leeway in continuing its turnaround efforts.
What is the Future of TUP Stock?
Returning to the heydays of the beloved but troubled brand may not be easy. Amid talk of a turnaround, the stock has soared over 200% over the past three months. Nevertheless, shareholders are still sitting on losses of nearly 90% in their TUP holdings over the past three years.
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