Tupperware Brands Corporation Director and Executive Vice Chair Richard Goudis will resign after the company files its 2022 annual report, which is expected sometime this month.
Goudis’ decision is unrelated to any disagreement with the company or its board of directors, according to a U.S. Securities and Exchange Commission filing from Tupperware on Oct. 3. The executive vice chairman joined the company in March of 2020 after serving 14 years in various C-suite positions at Herbalife Nutrition, including CEO.
Tupperware Brands Corporation Director and Executive Vice Chair Richard Goudis
Image courtesy of Tupperware
Tupperware’s filing also reveals that the New York Stock Exchange on Oct. 3 approved an additional extension request to delay filing certain financial reports, including for the quarters ended April 1, July 1 and Sept. 30 of this year. The company can now file such reports by March 31, 2024. The NYSE will continue to list Tupperware and closely monitor the company’s progress.
Additionally, Tupperware on Oct. 5 entered into an amendment to a credit agreement that, among other things, allows it to extend its delivery of certain unaudited financial statements.
The company’s latest business updates come after it announced a debt restructuring agreement with lenders in August following months of operational issues. Tupperware’s deal includes access to a revolving borrowing capacity of about $21 million, the reduction or reallocation of $150 million in cash interest and fees, a reduction in certain amortization payments and more.
“We are committed to making ongoing progress in improving liquidity and strengthening our capital structure,” Mariela Matute, chief financial officer of Tupperware Brand Corporation, said in a statement at the time. “We appreciate the support of our lenders, who share in our strategy, as we move forward.”
