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Investors Drive Fupin Innovation to Replace Soon-to-Be Appointed CEO
Investing.com - According to The Wall Street Journal, citing sources, investor Ed Garden has acquired shares of Fortune Brands Innovations (NYSE:FBIN) and is seeking to replace the upcoming CEO and implement other changes. Garden Investments is now one of the largest shareholders of Fortune Brands Innovations and plans to become the largest shareholder over time.
Following the report, Fortune Brands Innovations’ stock rose 5.2% in pre-market trading.
A representative from Garden Investments confirmed that Garden has privately nominated a slate of director candidates ahead of the company’s next annual shareholders’ meeting. The company has an staggered board system, meaning only three directors will be up for election this year.
Fortune Brands Innovations is known for its home and building products brands, including Moen faucets, House of Rohl kitchen and bath fixtures, Master Lock padlocks, and SentrySafe waterproof safes. The company has a market cap of approximately $6.5 billion, and its stock has fallen nearly 30% over the past five years. Its biggest competitor, Masco, produces Delta faucets, and its stock has risen nearly 40% during the same period.
Earlier this month, Fortune Brands Innovations announced that CEO Nicholas Fink would step down to pursue other leadership opportunities. On the same day, the company reported weak quarterly earnings, causing its stock to drop 18%. The company stated that current board member and consumer goods veteran Amit Banati would succeed Fink, effective in May.
Sources familiar with the matter said that Garden is concerned that Fortune Brands Innovations announced Banati’s appointment only one day after Fink’s resignation, which was too hasty in leadership matters and could lead to mistakes. The sources also said that Garden believes Fink lacked leadership and industry experience, and that choosing Banati was making the same mistake again.
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