Fortune Brands names interim CEO, starts search for permanent leader

Fortune Brands Innovations Inc. (NYSE: FBIN) announced leadership changes including the appointment of an interim chief executive and the start of a comprehensive CEO search process.

David Barry, president of Security and Connected Products, was named interim CEO effective immediately. Amit Banati, who was set to assume the CEO role in May, decided to step aside and resigned from the board of directors.

The board launched a search for a permanent CEO with assistance from an executive search firm. Susan Saltzbart Kilsby, board chair, said the decision to commence the search process came after dialogue with shareholders.

Ed Garden, founding partner and CEO of Garden Investments, joined the board as a director under a cooperation agreement. Garden will serve on the board's Compensation Committee and Nominating and Governance Committee.

The company also announced CFO Jonathan Baksht stepped down immediately. Ashley George, senior vice president of Finance and Business Unit CFO, was appointed interim CFO.

Fortune Brands will include a proposal in its proxy statement for shareholders to approve amendments eliminating the classification of the board of directors.

The company stated it anticipates providing an update on its full-year 2026 outlook during the first quarter earnings call as management reviews the business. Fortune Brands noted that while macroeconomic and geopolitical headwinds have intensified, the company's financial and operational fundamentals remain strong.

Goldman Sachs, Jefferies and Consello are serving as financial advisors to Fortune Brands, with Wachtell, Lipton, Rosen & Katz as legal advisor.

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