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Shares of Tupperware Brands Corp.
TUP,
swung to a big rally in premarket trading Tuesday, after the food-storage container company said it was replacing Chief Executive Miguel Fernandez after 3 1/2-years in the role, effective immediately. The company named Laurie Ann Goldman as president, CEO and a board member, “to support the company’s continued turnaround strategy and execution.” Goldman was previously CEO of Avon North America and CEO of Spanx, and was most recently CEO of AVME Aesthetics. The stock was down as much as 4% minutes after the announcement, but was recently up 20.8%. 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. “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 Chairperson Susan Cameron. The stock has rocketed 210.8% over the past three months through Monday but has tumbled 51.2% year to date, while the S&P 500
SPX,
has slipped 3.3% over the past three months and gained 13.9% this year.
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