ORLANDO, Fla., April 9, 2020 /PRNewswire/ -- Tupperware Brands Corporation (NYSE: TUP) today announced an organization redesign aimed at driving long-term sales and profitability growth, along with the appointments of three new executives to the Company's leadership team.
Following months of organization design work with a leading management consulting firm, the Company's recently appointed President and Chief Executive Officer, Miguel Fernandez, has taken the first steps to execute upon the planned restructure of the Company. The new organization structure allows the Company's leadership team to acutely focus on stabilizing the core business, concentrating on its largest countries, sharing best practices across its portfolio of markets and accelerating customer and sales force acquisition and activity levels, while also improving the efficiency of all operations by separating the commercial functions from the back-office functions. This structure is intended to turnaround the financial performance of the business as Tupperware Brands develops and implements a more aggressive growth strategy in the years ahead.
The new executive hires announced today bring the necessary skills and experience to help execute the Company's turnaround plans in the near-term and its growth strategies for the long-term. Most immediately, these new leaders will make an impact by helping the organization adapt quickly to navigate the current circumstances surrounding COVID-19 and the business trends experienced in 2019.
Patricio Cuesta has been named Executive Vice President & President, Commercial, Worldwide. In a new position for the Company, his team will be responsible for establishing and leading the global commercial focus. This work will entail integrating sales, marketing and digital strategies to support the sales growth across all markets. Cuesta's background includes the implementation of global marketing strategies at Herbalife Nutrition including product innovation, brand strategy, customer experience, sports sponsorship and global creative. Cuesta joins the Company today.
Luis Vazquez has been named Senior Vice President, Sales & Marketing. Vazquez will lead the implementation of streamlined compensation models, enhanced customer experience, and accelerate product innovation as well as rapidly implement digital tools and increase our brand presence. He joins Tupperware Brands after holding several senior leadership roles at Herbalife Nutrition and Avon Cosmetics where he most recently served as Group Vice President, Worldwide Sales and Business Transformation. Vazquez joins the Company on April 13.
Hector Lezama has been named Senior Vice President, Expansion & Turnaround Markets, where he will lead the implementation of turnaround strategies for identified markets in the Tupperware Brands portfolio that are positioned for growth and expansion. Lezama brings years of retail experience to the role, having formerly led the transformation of businesses and brands as CEO and President of Waldo's Holdings, and CEO of Oprimax Group as well as his work expanding several American brands into Mexico and Latin America. Lezama joined the Company on April 6.
"I am excited to welcome three seasoned executives, whom I've worked with in the past, and am confident will bring tremendous energy, experience and passion to this organization," said Mr. Fernandez. "Our new structure is designed to simplify business models, drive business growth, leverage our global infrastructure and maximize stakeholder value. Under Patricio's leadership, I am confident the shift to a commercial structure will emphasize the focus on sales growth and profitability. Now more than ever, we need to address sales trends, implement a business turnaround and reinvigorate this iconic brand."
The Company will share more information on the details of the organizational redesign, including more detail on the commercial team and functional departments, in the Company's first quarter 2020 results to be released on Wednesday, April 29, 2020.
About Tupperware Brands Corporation
Tupperware Brands Corporation, through an independent sales force of 2.9 million, is a leading global manufacturer and marketer of innovative, premium products through social selling. Product brands span several categories including design-centric food preparation, storage and serving solutions for the kitchen and home through the Tupperware brand and beauty and personal care products through the Avroy Shlain, Fuller Cosmetics, NaturCare, Nutrimetics and Nuvo brands. For more information, visit tupperwarebrands.com.