Ex-CEO gets $2M in severance
Tupperware agreement also calls for car allowance, opportunity for bonus
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.