By Parija Kavilanz, CNN
New York (CNN) — Tupperware Brands named consumer products veteran and former long-time CEO of Spanx Laurie Ann Goldman as its new CEO on Wednesday amid ongoing attempts to continue to survive as a business.
Goldman takes over the role from Miguel Fernandez, effective immediately, the company said.
Tupperware shares jumped 12% Wednesday as investors cheered the news.
In addition to her experience heading up Spanx for 12 years, Goldman also previously was CEO of Avon North America from August 2018 to August 2019. She was most recently CEO of OVME Aesthetics, a provider of medical aesthetics products and services prior to coming on board at Tupperware.
“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,” Susan Cameron, chair of Tupperware’s board, said in a statement. “Laurie Ann is a trusted and growth-oriented leader with extensive management experience in the consumer goods industry.”
The Florida-based company also named three new directors to its board as it strives to implement its turnaround plan.
It’s been a stressful time for the 77-year-old brand. Known the world over for its iconic plastic food storage containers and its sales parties, Tupperware warned in April that the company was running out of cash and needed additional money – soon – to say in operation.
Last October, in a massive shift in its business model, Tupperware rolled out its containers onto Target shelves nationwide. Generally the company has sold its branded containers solely through in-home “Tupperware parties” or its own website — save a few brief and limited pilot programs with retailers HomeGoods, Bed Bath and Beyond, and Target itself.
It was perhaps be too little, too late. The once-pioneering brand, beloved by families through generations, was unable to adapt to an evolving marketplace, brutal competition and attitudes and needs of younger consumers.
But in August, the company said it was given a new lease on life after it reached a deal with its creditors to reduce its interest-payment obligations, secured new financing and negotiated an extension on the deadline for paying back about $348 million in debt and a reduction in the amount of debt it owes by around $55 million.
– CNN’s David Goldman contributed to this report
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