Fortune Brands Announces Planned Leadership Transitions Effective January 6, 2020
Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading home and security products company, announced the planned retirement of Christopher J. Klein, chief executive officer (CEO), effective Monday, January 6, 2020. Nicholas Fink will succeed Klein as CEO and join Fortune Brands’ board of directors. Klein will transition to executive chairman of the board and will continue to support Fink, the Company and the board. David M. Thomas, current chairman of the board, will become the lead independent director.
As CEO, Fink will lead the overall business and its core portfolio strategy to ensure the Company delivers on its next phase of growth. He will focus on broader opportunities to create incremental shareholder value, including deploying capital, investing in consumer-driven innovation to further differentiate the Company’s industry-leading brands, and developing high-performance teams. Under Fink, the teams will continue to execute the consistent strategies and priorities communicated during the Company’s February 2019 investor day.
“Over the past few years we have expanded our operating platforms and the capabilities of our leadership team. Under Nick’s leadership, we have many new opportunities across the businesses to drive continued growth and performance improvement,” said Klein. “His deep understanding of our markets and proven track record of success, as well as his leadership with industry-leading consumer brands, uniquely positions him to lead the company in our next phase of growth. As we move into 2020, with the housing market improving and our businesses positioned to capture incremental profit and growth, it is a good environment for this transition in leadership.”
“I am incredibly honored to be elected as CEO, and I want to thank Chris and the board of directors for the confidence they have placed in me to continue to build a strong company that outperforms the market and competitors,” said Fink. “We have a tremendous opportunity to leverage the strengths of our brands, channel and consumer insights and our strong innovation capabilities to drive even more value.”
As part of a multi-year succession plan, Fink assumed the role of president and chief operating officer earlier this year to drive operational and strategic initiatives across the three operating divisions. He joined Fortune Brands in 2015 to lead the Global Growth & Development team until August 2016 when he became the president of the newly-formed Global Plumbing Group (GPG). Under Fink’s leadership, the GPG grew into a multi-brand, geography and channel business that acquired five brands, established several key strategic partnerships, accelerated new product development and re-launched the core Moen brand. Since its inception, the GPG has outperformed the market and maintained industry leading margins. Fink came from Beam Suntory where he was the president of Asia Pacific and South America, and formerly led the Canadian business.