Highlights:
- Fortune Brands announces new operational-focused structure to
better align the Company with its growth and productivity
priorities; makes change ahead of previously announced separation
into two world-class, publicly traded companies
- Cheri Phyfer named Group President; will lead brand, innovation
and channel resources across Fortune Brands
- Ron Wilson named Chief Supply Chain Officer; will lead supply
chain and manufacturing operations across Fortune Brands
Fortune Brands Home & Security, Inc. (NYSE: FBHS, the
“Company”, or “Fortune Brands”), an industry-leading home and
security products company, today announced key organization and
leadership changes, enabling the Company to drive accelerated
growth and productivity.
“The upcoming separation of our company represents more than
just the creation of two world-class, public companies; it also
represents an opportunity for Fortune Brands to take the next steps
in its evolution,” said Nicholas Fink, Chief Executive Officer,
Fortune Brands. “This organization redesign will position us to
capture the many opportunities we see to drive accelerated growth
and margin progression in the years ahead. We are transitioning
from a decentralized structure with separate businesses to a more
aligned operating model that will prioritize activities that are
core to brand, innovation, and channel. Additionally, we are
aligning all of our global supply chain resources under a chief
supply chain officer to fully leverage the scale and execution
excellence of our total business.”
The Company’s brand, innovation and channel organization will
report to Cheri Phyfer in the newly created role of Group
President, Fortune Brands. This change enables the Company to
further build and leverage its best-in-class capabilities, as well
as to better align and accelerate key growth priorities. In her
time as President of Water Innovations, Phyfer was critical in
driving the success of the platform as a multi-brand portfolio
while delivering exceptional sales growth and margin progression.
Additionally, Phyfer led the evolution of the Water Innovations
segment toward an innovative, digitally enabled water technology
company.
“The performance of Water Innovations demonstrates that Fortune
Brands has the experience and ability to transition businesses into
high performing, multi-brand portfolios. Under our new structure,
we intend to maximize performance and productivity enhancing
capabilities across the entire Fortune Brands portfolio,” said
Fink.
Additionally, the Company is unifying its global supply chain
and manufacturing operations under Ron Wilson in the newly created
role of Chief Supply Chain Officer, Fortune Brands. This change
will drive the scale needed for critical strategic sourcing and
planning initiatives, lean manufacturing, and increased efficiency
to help unlock the full potential of the Fortune Brands Advantage.
Wilson is an experienced supply chain and operations executive,
who, prior to this role, led Water Innovations’ global supply
chain.
“I am confident this new structure will make Fortune Brands a
more agile and efficient organization and will unlock opportunities
for growth and shareholder value. I am excited to continue leading
Fortune Brands into its next phase of market-beating performance.
More than ever before, we will truly be able to harness the power
of our scale and execution excellence across all of our brands,”
Fink said. “Additionally, I am especially grateful to Cheri and Ron
for taking on these key leadership roles.”
Marty Thomas, formerly the SVP, Operations and Supply Chain
Strategy at Fortune Brands, will be transitioning to a key advisory
role, and as part of a planned succession, will be retiring at the
end of the year. Brett Finley, formerly the President of the
Outdoors & Security segment, will also be moving to a key
advisory role through the end of the year, at which point he will
be departing the organization to pursue other opportunities. The
Company is grateful to both Thomas and Finley for their years of
contributions.
In April 2022, Fortune Brands announced it would pursue a
separation into two world-class companies via a tax-free spin-off
of its Cabinets business. As the separation progresses ahead of
schedule, the Company is actively taking steps to prepare for
sustained, accelerated value creation.
CAUTIONARY STATEMENT CONCERNING
FORWARD-LOOKING STATEMENTS
This press release contains certain “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 (the “Exchange Act”),
regarding general business strategies, product offerings, expansion
into new geographic markets, market potential, anticipated future
financial performance, the potential of our brands, and other
matters. Statements preceded by, followed by or that otherwise
include the words “believes”, “positioned”, “expects”, “estimates”,
“plans”, “look to”, “outlook”, “intend”, 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 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, including but not limited to the
expected benefits and costs of the intended spin-off transaction;
the tax-free nature of the spin-off; the expected timing of the
completion of the spin-off transaction and the transaction terms;
general business and economic conditions; our reliance on the North
American repair and remodel and new home construction activity
levels; our reliance on key customers and suppliers; our ability to
maintain our strong brands and to develop innovative products while
maintaining our competitive positions; our ability to improve
organizational productivity and global supply chain efficiency; our
ability to obtain raw materials and finished goods in a timely and
cost-effective manner; the impact of sustained inflation, including
global commodity and energy availability and price volatility; the
impact of trade-related tariffs and risks with uncertain trade
environments or changes in government and industry regulatory
standards; our ability to attract and retain qualified personnel
and other labor constraints; the uncertainties relating to the
impact of COVID-19 on the Company’s business and results; our
ability to achieve the anticipated benefits of our strategic
initiatives; our ability to successfully execute our acquisition
strategy and integrate businesses that we have and may acquire; and
the other factors discussed in our securities filings, including in
Item 1A of our Annual Report on Form 10-K for the year ended
December 31, 2021, filed with the Securities and Exchange
Commission. The forward-looking statements included in this release
are made as of the date hereof, and except as required by law, we
undertake no obligation to update, amend or clarify any
forward-looking statements to reflect events, new information or
circumstances occurring after the date of this release.
About Fortune Brands
Fortune Brands Home & Security, Inc. (NYSE: FBHS),
headquartered in Deerfield, IL., is a Fortune 500 company, part of
the S&P 500 Index and a leader in the home products industry.
With trusted brands and market leadership positions in each of its
three operating segments, Water Innovations, Outdoors &
Security, and Cabinets, Fortune Brands’ 28,000 associates work with
a purpose to fulfill the dreams of home.
The Company’s growing portfolio of complementary businesses and
innovative brands includes Moen and the House of Rohl within Water
Innovations; outdoor living and security products from Therma-Tru,
LARSON, Fiberon, Master Lock and SentrySafe; and MasterBrand
Cabinets’ wide-ranging offerings from MANTRA, Diamond, Omega and
many more. Visit www.FBHS.com to learn more about FBHS, its brands
and how the Company is accelerating its environmental, social and
governance (ESG) commitments.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220906006014/en/
INVESTOR CONTACT: Matthew Skelly 847-484-4573
Investor.Questions@fbhs.com
MEDIA CONTACT: Darwin Minnis 847-484-4204
Media.Relations@fbhs.com
Fortune Brands Home and ... (NYSE:FBHS)
Historical Stock Chart
From Apr 2024 to May 2024
Fortune Brands Home and ... (NYSE:FBHS)
Historical Stock Chart
From May 2023 to May 2024