Highlights:
- Fortune Brands is consolidating its U.S. offices into one
state-of-the-art headquarters in Deerfield, Illinois
- Company simplifies its executive leadership structure to drive
accelerated growth and effectiveness
- David Barry, CFO, named President, Security and Connected
Products; will continue in CFO role until successor is in
place
Fortune Brands Innovations, Inc. (NYSE: FBIN or “Fortune
Brands”), an industry-leading innovation company whose purpose is
to elevate every life by transforming spaces into havens, today
announced several key actions designed to accelerate its growth
opportunities.
One Headquarters
The Company is consolidating its U.S. regional offices into one
campus headquarters in Deerfield, Illinois, to best position the
Company and its brands for long-term growth. The decision is
expected to deliver a world-class, collaborative office environment
to fuel the Company’s innovation, accelerate its digital solutions,
and grow its core products.
“We have a huge opportunity ahead of us,” said Fortune Brands
Chief Executive Officer Nicholas Fink. “Bringing together
associates from across all our brands and functions into one
state-of-the-art campus will help us to bring innovations and
products to life faster, while also making the organization more
efficient and aligned. We were fortunate to find a recently built
campus in an ideal location that already has innovative and fun
spaces where associates can dream and build, while fostering
stronger relationships, collaboration and a sense of
community.”
“We are confident that this new campus headquarters in Deerfield
will enable us to best shape an environment where people can
innovate together while delivering on our purpose, accelerating
both the business and our associates’ careers, and building our
reputation as an employer of choice in the Chicago area,” said
Fortune Brands Chief Human Resources Officer Kristin Papesh.
Fortune Brands’ headquarters will ultimately occupy two
buildings on its campus in Deerfield, Illinois, a northern suburb
of Chicago. The Company was incented to expand its headquarters in
Illinois with annual tax credits to be provided through the State
of Illinois Economic Development for a Growing Economy (EDGE)
program.
By the end of 2027, the Company will have capacity for over
1,000 professional associates based in its new Deerfield
headquarters. This includes associates who relocate from one of
FBIN’s current offices as well as roles newly hired in the Chicago
area.
The Company’s digital-focused office in San Francisco,
California, along with its U.S. manufacturing facilities, U.S.
distribution centers, sales offices and international sites, will
continue operations as usual.
Simplified Executive Leadership
Structure
The Company is simplifying its executive leadership structure by
eliminating the role of Group President and replacing it with
direct reporting lines and closer working relationships between the
CEO and Fortune Brands’ commercial leaders.
“By working as peers across the leadership team and reporting
directly to me in one physical location, the leaders of our major
businesses and commercial functions will be best positioned to
focus on the highest growth opportunities as we look to expand our
leadership in brands, innovation and channel,” said Fink. “This is
the next phase of our evolution into a centralized organization,
and a direct result of the progress the team has already made in a
high-performing business unit-led matrix structure. We will be
faster and more efficient.”
Cheri Phyfer, current Group President, will continue in an
advisory role through July 1, 2025, at which point she will be
leaving the Company to focus on other opportunities. “I am
incredibly grateful for all that Cheri has done over the past seven
years, both in her role as President of Water Innovations and Group
President of Fortune Brands Innovations. Thanks to her leadership
during a critical phase of the Company’s evolution, and the
foundation which she helped build, we are well positioned to be
able to take these next transformative steps,” said Fink.
With these changes, the following Fortune Brands leaders have
been elevated to the Fortune Brands executive team: Leigh Avsec,
EVP, External Affairs and Chief of Staff; Aaron Bores, EVP, Product
Development; Kevin Campbell, President, Moen; Mark-Hans Richer, EVP
and Chief Marketing Officer; Rachel Roberts, President, House of
Rohl; and David Youn, President, Outdoors.
Barry Deployed to Lead Security and
Digital
Dave Barry, CFO, has been named to President, Security and
Connected Products. In addition to leading the Company’s iconic
legacy security business, Barry will have direct responsibility for
growing Fortune Brands’ digital business, including Yale and August
smart residential locks, Master Lock connected lockout tagout and
the Moen smart water ecosystem, including the Moen Flo leak
protection solution.
“Through his tenure as CFO, Dave has proven himself to be a
remarkable leader, with keen business insight, high standards, and
exceptional focus on pursuing growth opportunities. The
announcement today represents our commitment toward putting our
best resources toward our biggest opportunities. I am excited to
have Dave lead our iconic security and digital businesses, and I am
confident he will help unleash our next chapter of rapid growth,”
said Fink.
A search for Barry’s replacement has been initiated. He will
continue to serve as CFO until a new CFO is appointed, and Barry
will work closely with the new CFO to ensure a smooth
transition.
“I am confident that the key actions we announced today will
make Fortune Brands a more agile and efficient organization and
will unlock opportunities for growth and shareholder value. More
than ever before, we will truly be able to harness the power of our
scale and execute with excellence across our brands,” Fink said.
“Additionally, I am especially grateful to all our associates for
their commitment and trust as we continue to evolve our
organization.”
More information about these announcements will be shared at
Fortune Brands’ upcoming fourth quarter and full-year 2024 earnings
call on February 6, 2025.
About Fortune Brands
Innovations
Fortune Brands Innovations, Inc. is an industry-leading
innovation company dedicated to creating smarter, safer and more
beautiful homes and improving lives. The Company’s driving purpose
is to elevate every life by transforming spaces into havens.
The Company is a brand, innovation and channel leader focused on
exciting, supercharged categories in the home products, security
and commercial building markets. The Company’s portfolio of brands
includes Moen, House of Rohl, Aqualisa, SpringWell, Therma-Tru,
Larson, Fiberon, Master Lock, SentrySafe and Yale residential.
Fortune Brands is headquartered in Deerfield, Illinois and
trades on the NYSE as FBIN. To learn more, visit www.FBIN.com.
Forward Looking
Statement
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 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, trends in the
housing market, the potential impact of costs, including material
and labor costs, the potential impact of inflation, expected
capital spending, expected pension contributions or de-risking
initiatives, the expected impact of acquisitions, dispositions and
other strategic transactions, the anticipated impact of recently
issued accounting standards on our financial statements, 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" 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,
including but not limited to: (i) our reliance on the North
American and Chinese home improvement, repair and remodel and new
home construction activity levels, (ii) the housing market,
downward changes in the general economy, unfavorable interest rates
or other business conditions, (iii) the competitive nature of
consumer and trade brand businesses, (iv) our ability to execute on
our strategic plans and the effectiveness of our strategies in the
face of business competition, (v) our reliance on key customers and
suppliers, including wholesale distributors and dealers and
retailers, (vi) risks relating to rapidly evolving technological
change, (vii) risks associated with our ability to improve
organizational productivity and global supply chain efficiency and
flexibility, (viii) risks associated with global commodity and
energy availability and price volatility, as well as the
possibility of sustained inflation, (ix) delays or outages in our
information technology systems or computer networks or breaches of
our information technology systems or other cybersecurity
incidents, (x) risks associated with doing business globally,
including changes in trade-related tariffs and risks with uncertain
trade environments, (xi) risks associated with the disruption of
operations, including as a result of severe weather events, (xii)
our inability to obtain raw materials and finished goods in a
timely and cost-effective manner, (xiii) risks associated with
strategic acquisitions, divestitures and joint ventures, including
difficulties integrating acquired companies and the inability to
achieve the expected financial results and benefits of
transactions, (xiv) impairments in the carrying value of goodwill
or other acquired intangible assets, (xv) risks of increases in our
defined benefit-related costs and funding requirements, (xvi) our
ability to attract and retain qualified personnel and other labor
constraints, (xvii) the effect of climate change and the impact of
related changes in government regulations and consumer preferences,
(xviii) risks associated with environmental, social and governance
matters, (xix) potential liabilities and costs from claims and
litigation, (xx) changes in government and industry regulatory
standards, (xxi) future tax law changes or the interpretation of
existing tax laws, (xxii) our ability to secure and protect our
intellectual property rights, and (xxiii) the impact of COVID-19 on
the business. 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 December 30, 2023. We undertake no obligation to, and
expressly disclaim any such obligation to, update or clarify any
forward-looking statements to reflect changed assumptions, the
occurrence of anticipated or unanticipated events, new information
or changes to future results over time or otherwise, except as
required by law.
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INVESTOR CONTACT: Leigh Avsec 847-484-4211
Investor.Questions@fbin.com
MEDIA CONTACT: Media.Relations@fbin.com
Fortune Brands Innovations (NYSE:FBIN)
過去 株価チャート
から 12 2024 まで 1 2025
Fortune Brands Innovations (NYSE:FBIN)
過去 株価チャート
から 1 2024 まで 1 2025
