- Push-out Score determined
- After about a year and a half in the position
- Praise, thanks and good wishes for Stitzel
- Chris O’Leary taking over in the interim
- Search for a successor
- Stitzel kept it short and said 56 words
(exechange) — Orlando, Florida, November 12, 2019 — This news came the day after Veterans Day. Tricia Stitzel, chief executive of Tupperware, leaves. As announced by Tupperware Brands Corp. in a news release on Tuesday, November 12, 2019, Patricia A. (Tricia) Stitzel leaves her post as Chief Executive Officer at the direct sales company after about a year and a half in the role, effective immediately.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.5 years, according to data compiled by exechange. On an accumulated basis, around 14% of the CEOs who announced their departure over the past 12 months left their posts within two years, and 25% left their posts within three years.
Tupperware will undertake a search for a successor.
Tricia Stitzel’s duties as CEO will be taken over in the interim by Christopher D. (Chris) O’Leary, a former Chief Operating Officer, International of General Mills, Inc., as Interim Chief Executive Officer.
Already a director
O’Leary is already a director of Tupperware. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. On the other hand, directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, O’Leary understands the expectations and dynamics of the board and has knowledge of Tupperware’s organization, risk-management practices and strategy.
“Chris has the right depth of experience, proven track record, and sense of urgency”
A reason for Tricia Stitzel’s departure from the CEO post was not explicitly provided. Susan M. Cameron, Lead Director of the Board, who was named Non-Executive Chairman, said: “With more than 37 years of operational and leadership experience at global consumer product companies, we are confident Chris has the right depth of experience, proven track record, and sense of urgency to be an impactful interim CEO as we continue to work to improve the trajectory of our business.”
Precise information regarding Tricia Stitzel’s future plans was not immediately available.
“Step down”
Tupperware said: “Tupperware Brands Corporation (NYSE: TUP) (the “Company”) today announced that its Board of Directors has appointed Christopher D. O’Leary, an independent director of Tupperware, as Interim Chief Executive Officer, effective immediately. This appointment follows Tricia Stitzel’s decision to step down as Chairman and CEO of Tupperware, and as a director of the Company.”
Share price decline
The announcement follows a decline in Tupperware Brands Corporation’s share price of 79% since May 2018.
In the position of CEO since 2018
Tricia Stitzel became CEO of the Company in May 2018.
Tricia Stitzel served as President and Chief Executive Officer of the Company since May 2018, after serving as President and Chief Operating Officer since October 2016.
Stitzel has held several positions of increasing responsibility with the Company since 1997, including Group President, Americas since January 2014, Senior Area Vice President, Central Europe since March 2013, and an Area Vice President covering Europe, Middle East and Africa since June 2010, and Nutrimetics Europe since November 2008.
Stitzel began her career with the Company in human resources, including as the Vice President, Human Resources for Tupperware Europe, Africa, Middle East, Worldwide Operations, and North America at various times since 1998.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Tupperware and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2019 ($).