Ex-CEO gets $2M in sev­er­ance

Tup­per­ware agree­ment also calls for car al­lowance, op­por­tu­nity for bonus

Orlando Sentinel - - BUSINESS - By Austin Fuller

For­mer Tup­per­ware Brands Chair­man and CEO Tri­cia Stitzel’s sep­a­ra­tion agree­ment in­cludes $1,983,279 in sev­er­ance along with other ben­e­fits, ac­cord­ing to doc­u­ments filed with the Se­cu­ri­ties and Ex­change Com­mis­sion.

Stitzel, 54, re­signed last week af­ter less than two years as CEO of the Kis­sim­mee-based com­pany. The agree­ment also calls for a car al­lowance of $30,000, payable in in­stall­ments over 24 months, and the op­por­tu­nity to earn an an­nual bonus this year, the doc­u­ments show.

She will also re­ceive $125,000 in a con­sult­ing agree­ment to “sup­port the lead­er­ship tran­si­tion” through the end of the year.

Her nearly $2 mil­lion in sev­er­ance will be paid in in­stall­ments on reg­u­lar pay­roll dates. It is equal to 28 months of base pay un­der the Tup­per­ware Brands Cor­po­ra­tion Sev­er­ance Pay Plan, the agree­ment states.

The com­pany’s stock had fallen nearly 73% from the start of the year to Stitzel’s res­ig­na­tion. It has fallen fur­ther since then and was down 77% from the start of the year on Mon­day af­ter­noon.

An Oct. 30 earn­ings re­port showed that third-quar­ter sales at $418.1 mil­lion were down 14% ver­sus last year, and the com­pany an­nounced on Nov. 8 that its board had sus­pended its quar­terly com­mon div­i­dend.

Christo­pher O’Leary, 59, was named in­terim CEO and the SEC doc­u­ments show he will re­ceive an an­nual base salary of $1 mil­lion.

He also was el­i­gi­ble for a $1 mil­lion stock award and to par­tic­i­pate in the com­pany’s 2020 in­cen­tive pro­gram with a po­ten­tial target

pay­out of 115% of his yearend salary mea­sured from his start date and based on achieve­ment of per­for­mance mea­sures, the doc­u­ments show.

Stitzel, the com­pany’s first fe­male CEO, re­placed Rick Go­ings in 2018. He had been chair­man and CEO since 1997.

Be­fore tak­ing on the CEO role, Stitzel had been with the com­pany since 1997 and was its pres­i­dent and chief op­er­at­ing of­fi­cer. She had also run its man­u­fac­tur­ing and hu­man re­sources di­vi­sion.

Tup­per­ware, with an in­de­pen­dent sales force of 3.1 mil­lion, is a global mar­keter of kitchen prepa­ra­tion, stor­age and serv­ing prod­ucts as well as beauty and per­sonal care prod­ucts through sev­eral other brands.

A Tup­per­ware spokesper­son de­clined to pro­vide fur­ther de­tails.

COUR­TESY/TUP­PER­WARE

Tri­cia Stitzel, CEO of Tup­per­ware, has re­signed. Her sep­a­ra­tion agree­ment in­cludes $1,983,279 in sev­er­ance, along with other ben­e­fits.

O’Leary

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