- Push-out Score suggests push-out forces
- After around 15 years in the position
- Accolades, praise and thanks for Poteshman
- Search for a successor
- Poteshman kept it short and said 55 words
(exechange) — Orlando, Florida, October 10, 2018 — Mike Poteshman, finance chief of Tupperware, leaves. As announced by Tupperware Brands Corporation in a news release and in a regulatory filing published on Wednesday, October 10, 2018, Michael S. (Mike) Poteshman leaves his post as Chief Financial Officer at the storage container maker after around 15 years in the role, effective March 1, 2019.
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 CFOs who departed over the past 12 months was 6.8 years, according to data compiled by exechange. Only 7 percent of the CFOs who departed over the past 12 months left the position after more than 15 years.
Poteshman’s move comes five months after Patricia Stitzel took over as CEO of Tupperware Brands Corporation.
Tupperware will undertake a search for a successor.
No reason given
In the announcement, Tupperware did not explicitly explain the reason for Poteshman’s move, leaving room for speculation.
Precise information about Poteshman’s future plans was not immediately available.
Tupperware announced that “following a successful 25-year career with the Company, Michael S. Poteshman plans to retire from his role as Executive Vice President and Chief Financial Officer.”
Tupperware further said: “Michael S. Poteshman plans to retire from his role as Executive Vice President and Chief Financial Officer of the Company on March 1, 2019, following the Company’s fiscal year 2018 financial closing process.”
Share price decline
The change follows a decline in the share price of Tupperware Brands Corporation since January 2014.
Chaired by Rick Goings
Tupperware Brands Corporation is chaired by Rick Goings.
Rick Goings serves as Executive Chairman since May 2018 after serving as Chairman and Chief Executive Officer since October 1997.
CEO: Patricia Stitzel
Patricia Stitzel serves as CEO of Tupperware Brands Corporation. She serves as President and Chief Executive Officer since May 2018 after serving as President and Chief Operating Officer since October 2016. Prior thereto, she served as Group President, Tupperware Americas since January 2014.
In the position of CFO since 2003
Poteshman joined the Company’s former parent company, Premark International, Inc. in 1993 and following the Company’s spin-off in 1996, he served in various roles including as the Company’s Controller, head of Investor Relations, Treasurer, and as a Group CFO in Europe before becoming CFO in November 2003.
As a general rule, when a top leader announces to step aside with no successor in place, it is a signal that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Mike Poteshman’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 42.2018 ($).