- Push-out Score suggests push-out forces
- After almost 21 years in the position
- Praise and thanks for Goings
- Tricia Stitzel taking over
- Goings will remain as Executive Chairman at Tupperware
- Goings spoke at length and said 100 words
(exechange) — Orlando, Florida, February 21, 2018 — Rick Goings, chief executive of Tupperware, leaves the position. As announced by Tupperware Brands Corporation in a news release and in a regulatory filing published on Wednesday, February 21, 2018, E.V. (Rick) Goings leaves his post as Chief Executive Officer at the direct sales company after almost 21 years in the position, effective May 9, 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.2 years, according to data compiled by exechange. Only 10 percent of the CEOs who departed over the past 12 months left the position after more than 20 years.
Goings’s duties will be taken over by Tricia Stitzel, currently President & Chief Operating Officer of Tupperware Brands Corporation.
It is a generational change as well. Tricia Stitzel is about 20 years younger than Rick Goings.
The company built on the entrepreneurship of women will have a female CEO for the first time in its history.
“Planned succession process”
Goings’s departure from the CEO post is explained as follows. Tupperware said: “Tupperware Brands Corporation …, executing on its planned succession process, announced today that its Board of Directors elected Patricia (Tricia) A. Stitzel to the position of President & Chief Executive Officer and nominated her for election to the Company’s Board of Directors, effective May 9, 2018.”
Goings will remain as Executive Chairman at Tupperware
“E.V. (Rick) Goings will serve as Executive Chairman and focus on the successful transition and leadership of the Company’s purpose-centered initiatives,” Tupperware said.
Share price decline
The change follows a decline in the share price of Tupperware Brands Corporation since December 2013.
In the position of CEO since 1997
E.V. (Rick) Goings serves as Chairman and Chief Executive Officer of the Company since October 1997.
He served as a petty officer in the United States Navy during the Vietnam era.
Following this, he founded the fire detector distributor Dynamics, Inc.
After his sale of the company, he worked in various positions with Avon, including president of Avon USA.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Rick Goings’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 9.2018 ($).