Fortune Brands Innovations announced that Amit Banati will step aside as CEO and resign from the board, effective immediately. David Barry, President of Security and Connected Products, will serve as interim CEO.
The change follows a conversation with shareholders that prompted the board to accelerate a CEO search. Ed Garden of Garden Investment Management has joined the board, and the company plans to seek shareholder approval to eliminate its classified board structure, moving to annual director elections.
Banati had been slated to become CEO in May 2026, succeeding Nicholas Fink, but the board reversed that plan after the shareholder dialogue. The board stated that the departures were not due to disagreements on operations, finances, or accounting.
Chair Susan Saltzbart Kilsby said, "I want to thank Amit. The Board asked him to step in as CEO and use his proven skills and familiarity with Fortune Brands to accelerate change. In dialogue with certain shareholders, we have now decided to commence a comprehensive search process, with the assistance of a leading executive search firm to identify the next CEO of Fortune Brands, and Amit has decided to step aside. We greatly appreciate Amit for all he has done for Fortune Brands over the past six years — his commitment to serving shareholders has never wavered. He is an incredible leader and operator, and we wish him all the best." She added, "In the interim period, Dave Barry, who was CFO until 2025 and more recently served as President of Security and Connected Products, will help guide us forward and maintain the continuity we need to continue to deliver for our customers and all of our stakeholders."
Management said it will provide an update on the full‑year 2026 outlook during the first‑quarter earnings call. The company acknowledges intensified macroeconomic and geopolitical headwinds but maintains that its financial and operational fundamentals remain strong.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.