Tupperware Brands Corp.'s chief financial officer is leaving the plastic housewares maker as the company struggles to complete required financial reporting.
The departure of Mariela Matute, who has been CFO at Tupperware since May 2022, was revealed in a July 11 filing with the U.S. Securities and Exchange Commission.
"[Her] decision to resign from the company was not due to any disagreement with the company, its management or the Board of Directors on any matter relating to the company's operations, policies or practices. The company thanks Ms. Matute for her service," Orlando, Fla.-based Tupperware said in the filing.
Matute told the company of her decision July 5, and her departure is effective July 31, the filing states.
Departure of the company's CFO comes at a time when Tupperware has fallen behind in its regulatory requirements to file financial statements with the SEC.
Matute signed a document filed with the SEC on May 30 indicating the company was unable to file its quarterly report for the period ended March 30, 2024. That's just a day after the company also said it would not be able to file its annual report for the fiscal year ended Dec. 30, 2023, "by the prescribed due date."
"Due to the additional time needed to complete and file its 2023 Form 10-K, the company will therefore be unable, without unreasonable effort or expense, to complete and file the Q1 2024 Form 10-Q within the prescribed time period. The company is endeavoring to complete its financial close process and file its 2023 Form 10-K and subsequently its Q1 2024 Form 10-Q as promptly as possible; however, there can be no assurance with respect to the timing of completion of the filings," Tupperware said in the May 30 filing.
News of the CFO's departure also comes just weeks after Tupperware decided to close the company's last remaining domestic manufacturing plant in Hemingway, S.C.
A total of 148 people are scheduled to lose their jobs in South Carolina through a series of layoffs beginning in late September and continuing to mid-January, state employment officials have said.
Tupperware had sold the plant in October 2023, signing a 14-month lease at the same time to continue operations there. The $15 million sale provided net proceeds of $14 million, a financial shot in the arm for a company that has repeatedly indicated it could go out of business.
"We sold our Hemingway facility last year, and will be transitioning manufacturing operations by year end to our Lerma, Mexico, plant, which already produces the bulk of the products for our U.S. and Canada markets," Tupperware previously said in response to email questions.