Tupperware Brands Corporation (NYSE: TUP) today announced that its Board of Directors has appointed Miguel Fernandez as president and chief executive officer, effective April 6, 2020.
The Board also has appointed Richard (“Rich”) Goudis as executive vice chairman, effective March 12, 2020. Goudis is the former chief executive officer of Herbalife Nutrition Ltd.
“The Board is pleased to add the combined talent and experience of Miguel and Rich to Tupperware at such a pivotal time,” said Susan Cameron, non-executive chairman of the Board. “We are confident that these proven leaders bring skills essential to Tupperware’s business—a thorough understanding of the direct selling model, a belief in its relevance and growth potential, and proven track records of executing operational transformations and generating value. They have a ten-year history of working collaboratively together, and that gives us great confidence that they can rapidly create a more efficient and profitable company, while leveraging the power of our brand and our global presence to ensure Tupperware is competitive, relevant and profitable well into the future.”
As CEO, Fernandez’s focus will be on stabilizing the core business operations with a mandate to return the business to growth. As executive vice chairman, Goudis will be responsible for leading the company’s future business strategy and go-to-market opportunities, and maximizing shareholder value.
Fernandez and Goudis have been appointed to serve as directors of the Company, expanding the Board to 12 members. Upon the effective date of Fernandez’s appointment, Chris O’Leary, who has been serving as Interim CEO, will continue his role on the Board, and return as a member of the Audit, Finance and Corporate Responsibility Committee.
Fernandez brings over 20 years of global direct-selling industry experience and a strong record of implementing positive global transformations. He joins Tupperware after more than two years as global president at Avon, where he led the company’s transformation strategy, helping to modernize and optimize Avon’s digital functions and developing a new omni-channel approach in order to drive growth and enhance revenue. Mr. Fernandez previously spent a decade in senior roles at Herbalife Nutrition, where he was instrumental in transforming their Herbalife Mexico business to be one of the largest direct-selling companies in Mexico, and then went on to reestablish growth in North America by leading the Herbalife NutritionAmericas team.
“Tupperware is a pioneer of the direct selling model, and I am honored to lead the team that will take the beloved brand to the next level,” said Fernandez. “I am confident that with this management team, we can modernize the Tupperware model to give our sales force the most innovative products on the market, the best technologies to access consumers and the best operations to support their businesses. These are changes that need to be made to improve sales trends and create financial flexibility in both the short-term and the long-term.”
Goudis brings deep operating and capital markets experience and a strong track record of shareholder value creation to his role as executive vice chairman. He is an established leader in the direct-selling industry, having served as CEO, chief operating officer, and chief financial officer of Herbalife Nutrition during a 15-year tenure.
“I look forward to contributing my financial expertise and extensive industry knowledge to Tupperware’s global markets and its leadership team at this critical time,” Goudis said. “Given the consumer trend towards environmentally-friendly reusable products, I believe there is compelling opportunity to capitalize on that through continued product innovation, enhanced technology and tools to make our sales force more effective, and operational improvements across the company. I am eager to quickly get to work with Miguel and the senior leadership team to pursue these objectives.”