Fortune Brands Announces Governance and Leadership Updates
Company Initiates Comprehensive CEO Search Process
David Barry Appointed Interim CEO
Ed Garden Appointed to Board of Directors
Company to Include Proposal in Proxy Statement to Eliminate Classification of the Board
- The Board has launched a comprehensive search process, with the assistance of a leading executive search firm, to identify the Company’s next Chief Executive Officer;
-
Amit Banati has decided to step aside and will no longer assume the role of CEO in May. He has also stepped down from the Board; -
David Barry , President of Security and Connected Products, has been appointed to serve as Interim CEO, effective immediately.Nicholas Fink has accelerated his planned departure from the Company; and -
The Board has appointed Ed Garden, Founding Partner and CEO of Garden Investments, as a director in connection with a cooperation agreement entered into with Garden Investments (the “Cooperation Agreement”). Mr. Garden will join the Board's Compensation Committee and
Nominating and Governance Committee .
Leadership Transition
“I want to thank Amit. The Board asked him to step in as CEO and use his proven skills and familiarity with
“In the interim period,
Board and Governance Updates
Ed Garden, Founding Partner and CEO of Garden Investments, said, “Fortune Brands is a company with incredible brands, advantaged market positions, and significant long‑term potential. I’ve appreciated the constructive dialogue with the Board and it is clear that we share a common goal of delivering stronger performance and unlocking substantial value for all shareholders.”
The proxy statement will contain a Company proposal that shareholders approve amendments to the Company’s Amended and Restated Certificate of Incorporation to eliminate the classification of the Board of Directors.
The Cooperation Agreement with Garden Investments will be filed in a Current Report on Form 8-K with the U.S. Securities and Exchange Commission.
CFO Transition
Full-Year 2026 Outlook
As
Today’s leadership updates are not the result of any disagreements with the Company on any matter relating to the Company’s operations, finances, policies, or practices, including accounting principles and financial disclosures.
Advisors
LDG Advisory is serving as strategic advisor, and
About Fortune Brands Innovations
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief or expectations for our business, operations, financial performance or financial condition, including any earnings guidance or projections of the Company, projected revenue or expense synergies, in addition to statements regarding expected impacts from organizational and leadership changes, our expectations for the markets in which we operate, general business strategies, the market potential of our brands, and other matters that are not historical in nature. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “outlook,” “positioned,” "confident," "opportunity," "focus," “on track” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on current expectations, estimates, assumptions and projections of our management about our industry, business and future financial results, available at the time this press release is issued. Although we believe that these statements are based on reasonable assumptions, they are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those indicated in such statements. These and other factors are discussed in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended
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