Fortune Brands Announces Planned Leadership Transitions Effective January 6, 2020
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Christopher J. Klein to retire as chief executive officer (CEO) and transition to executive chairman, board of directors, Fortune Brands -
Nicholas Fink to succeed Klein as CEO and become a member of the board of directors -
David M. Thomas to transition from non-executive chairman to lead independent director, board of directors
As CEO, Fink will lead the overall business and its core portfolio strategy to ensure the Company delivers on its next phase of growth. He will focus on broader opportunities to create incremental shareholder value, including deploying capital, investing in consumer-driven innovation to further differentiate the Company’s industry-leading brands, and developing high-performance teams. Under Fink, the teams will continue to execute the consistent strategies and priorities communicated during the Company’s
“Over the past few years we have expanded our operating platforms and the capabilities of our leadership team. Under Nick’s leadership, we have many new opportunities across the businesses to drive continued growth and performance improvement,” said Klein. “His deep understanding of our markets and proven track record of success, as well as his leadership with industry-leading consumer brands, uniquely positions him to lead the company in our next phase of growth. As we move into 2020, with the housing market improving and our businesses positioned to capture incremental profit and growth, it is a good environment for this transition in leadership.”
“I am incredibly honored to be elected as CEO, and I want to thank Chris and the board of directors for the confidence they have placed in me to continue to build a strong company that outperforms the market and competitors,” said Fink. “We have a tremendous opportunity to leverage the strengths of our brands, channel and consumer insights and our strong innovation capabilities to drive even more value.”
As part of a multi-year succession plan, Fink assumed the role of president and chief operating officer earlier this year to drive operational and strategic initiatives across the three operating divisions. He joined Fortune Brands in 2015 to lead the Global Growth & Development team until
Klein first joined
“Chris was instrumental in leading the successful spin-off of Fortune Brands in 2011 coming out of an economic downturn and into the recovery,” said Thomas. “He built out all elements of the company, both organically and through acquisitions, and has positioned the company to win in the market and continue to create value for the long-term. It has been an honor for me and our board to partner with him during this exciting time of the company’s history. We look forward to his leadership as the executive chairman of our board of directors.”
“My partnership with
About Fortune Brands
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain “forward looking statements.” 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 the current plans and expectations of our management. 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. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including but not limited to those factors described in Item 1A of our Annual Report on Form 10-K for the year ended
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Source:
Brian Lantz
847-484-4574
brian.lantz@FBHS.com