Fortune Brands Announces Key Organization and Leadership Changes to Drive Accelerated Growth and Alignment
Fortune Brands Innovations (NYSE: FBIN) announced major organizational changes, including the consolidation of its U.S. offices into a state-of-the-art headquarters in Deerfield, Illinois. The new campus will have capacity for over 1,000 professional associates by 2027 and is supported by Illinois state tax credits through the EDGE program.
The company is simplifying its executive leadership structure by eliminating the Group President role, with business leaders now reporting directly to CEO Nicholas Fink. David Barry, current CFO, has been appointed as President of Security and Connected Products, while maintaining his CFO duties until a successor is found. Cheri Phyfer, current Group President, will serve in an advisory role until July 1, 2025, before departing.
The reorganization aims to accelerate growth, enhance innovation, and improve organizational efficiency. The company's digital office in San Francisco and other U.S. facilities will continue operations as usual.
Fortune Brands Innovations (NYSE: FBIN) ha annunciato importanti cambiamenti organizzativi, compresa la fusione dei suoi uffici statunitensi in una sede all'avanguardia a Deerfield, Illinois. Il nuovo campus avrà una capacità di oltre 1.000 collaboratori professionali entro il 2027 ed è supportato da crediti d'imposta statali dell'Illinois attraverso il programma EDGE.
L'azienda sta semplificando la sua struttura di leadership esecutiva eliminando il ruolo di Group President, con i leader aziendali che riferiranno direttamente al CEO Nicholas Fink. David Barry, attuale CFO, è stato nominato Presidente di Security and Connected Products, mentre manterrà le sue funzioni di CFO fino a quando non sarà trovato un successore. Cheri Phyfer, attuale Group President, assumerà un ruolo di consulenza fino al 1° luglio 2025, prima di lasciare.
La riorganizzazione mira ad accelerare la crescita, migliorare l'innovazione e aumentare l'efficienza organizzativa. L'ufficio digitale dell'azienda a San Francisco e altre strutture negli Stati Uniti continueranno a operare come di consueto.
Fortune Brands Innovations (NYSE: FBIN) anunció importantes cambios organizativos, incluyendo la consolidación de sus oficinas en EE. UU. en una sede de vanguardia en Deerfield, Illinois. El nuevo campus tendrá capacidad para más de 1,000 profesionales para 2027 y cuenta con el apoyo de créditos fiscales estatales de Illinois a través del programa EDGE.
La empresa está simplificando su estructura de liderazgo ejecutivo al eliminar el rol de Group President, con los líderes de negocio ahora reportando directamente al CEO Nicholas Fink. David Barry, actual CFO, ha sido nombrado Presidente de Security and Connected Products, manteniendo sus responsabilidades como CFO hasta que se encuentre un sucesor. Cheri Phyfer, actual Group President, asumirá un rol consultivo hasta el 1 de julio de 2025, antes de marcharse.
La reorganización tiene como objetivo acelerar el crecimiento, mejorar la innovación y aumentar la eficiencia organizativa. La oficina digital de la empresa en San Francisco y otras instalaciones en EE. UU. continuarán operando con normalidad.
Fortune Brands Innovations (NYSE: FBIN)는 일리노이주 디어필드에 최첨단 본사를 두고 미국 사무소를 통합하는 등 주요 조직 개편을 발표했습니다. 새로운 캠퍼스는 2027년까지 1,000명 이상의 전문 직원을 수용할 수 있으며, EDGE 프로그램을 통한 일리노이주 세금 크레딧의 지원을 받고 있습니다.
회사는 Group President 직위를 없애고 경영진의 리더십 구조를 단순화하고 있으며, 비즈니스 리더들은 이제 CEO인 Nicholas Fink에게 직접 보고합니다. 현재 CFO인 David Barry는 Security and Connected Products의 사장으로 임명되었으며, 후임자가 결정될 때까지 CFO 직무를 유지합니다. 현재 Group President인 Cheri Phyfer는 2025년 7월 1일까지 자문 역할을 수행한 후 떠날 예정입니다.
이번 재조직의 목표는 성장을 가속화하고 혁신을 촉진하며 조직의 효율성을 높이는 것입니다. 회사의 샌프란시스코 디지털 사무소와 다른 미국 시설들은 정상적으로 운영을 계속할 것입니다.
Fortune Brands Innovations (NYSE: FBIN) a annoncé d'importants changements organisationnels, y compris la consolidation de ses bureaux aux États-Unis dans un siège ultramoderne à Deerfield, Illinois. Le nouveau campus pourra accueillir plus de 1 000 associés professionnels d'ici 2027 et bénéficie de crédits d'impôt étatiques de l'Illinois via le programme EDGE.
L'entreprise simplifie sa structure de direction exécutive en supprimant le rôle de Group President, les chefs d'entreprise reportant maintenant directement au PDG Nicholas Fink. David Barry, actuel CFO, a été nommé président de Security and Connected Products, tout en conservant ses fonctions de CFO jusqu'à ce qu'un successeur soit trouvé. Cheri Phyfer, actuelle Group President, exercera un rôle de conseil jusqu'au 1er juillet 2025, avant de partir.
La réorganisation vise à accélérer la croissance, à améliorer l'innovation et à augmenter l'efficacité organisationnelle. Le bureau numérique de l'entreprise à San Francisco et d'autres installations aux États-Unis continueront à fonctionner normalement.
Fortune Brands Innovations (NYSE: FBIN) hat bedeutende organisatorische Veränderungen angekündigt, darunter die Zusammenlegung seiner US-Büros in einen hochmodernen Hauptsitz in Deerfield, Illinois. Der neue Campus wird bis 2027 Platz für über 1.000 Fachkräfte bieten und wird durch staatliche Steueranreize in Illinois im Rahmen des EDGE-Programms unterstützt.
Das Unternehmen vereinfacht seine Führungsebene, indem es die Rolle des Group President abschafft, wobei die Geschäftsleiter nun direkt an CEO Nicholas Fink berichten. David Barry, der derzeitige CFO, wurde zum Präsidenten von Security and Connected Products ernannt und behält seine CFO-Aufgaben, bis ein Nachfolger gefunden ist. Cheri Phyfer, die derzeitige Group President, wird bis zum 1. Juli 2025 in einer Beratungsfunktion tätig sein, bevor sie das Unternehmen verlässt.
Die Reorganisation zielt darauf ab, das Wachstum zu beschleunigen, Innovationen zu fördern und die Effizienz der Organisation zu verbessern. Das digitale Büro des Unternehmens in San Francisco und andere Einrichtungen in den USA werden weiterhin wie gewohnt arbeiten.
- Consolidation into single headquarters expected to improve operational efficiency
- State tax credits secured through Illinois EDGE program
- Streamlined executive structure should enable faster decision-making
- Expansion capacity for 1,000+ professional associates by 2027
- Potential disruption during leadership transition period
- Relocation costs and expenses associated with office consolidation
- Loss of experienced executive with departure of Group President Cheri Phyfer
Highlights:
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Fortune Brands is consolidating its
U.S. offices into one state-of-the-art headquarters inDeerfield, 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
One Headquarters
The Company is consolidating its
“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
Fortune Brands’ headquarters will ultimately occupy two buildings on its campus in
By the end of 2027, the Company will have capacity for over 1,000 professional associates based in its new
The Company’s digital-focused office in
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
“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
Fortune Brands is headquartered in
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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Source: Fortune Brands Innovations, Inc.
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