By Dean Seal

Fortune Brands Innovations is paring down its workforce, changing its leadership structure and consolidating its regional office footprint into a single headquarters.

The maker of Master Lock security products, Moen faucets and other home goods said Wednesday that it will close its U.S. regional offices and combine them into a single campus in Deerfield, Ill.

Some employees will be offered a chance to stay on at the new headquarters, while others will be given transition assistance and severance packages. The consolidation should be completed before the end of next year.

As part of the overhaul, Fortune Brands is eliminating the group president role held by Cheri Phyfer, who is leaving the company but will stick around in an advisory role through July 1.

Dave Barry is stepping down as chief financial officer, but will remain as president of security and connected products. He will continue to serve as CFO until a replacement is found.

Multiple other leaders at the company have been elevated to Fortune Brands' executive team and will report to Chief Executive Nicholas Fink.

"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," Fink said in a statement.

Fortune Brands expects about $50 million to $80 million in restructuring charges tied to employee relocation, severance, lease exit costs and other expenses. Most of those will be cash charges spread throughout fiscal 2025 and 2026.

Shares slipped about 1% to $73.70 in early trading.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

January 22, 2025 10:14 ET (15:14 GMT)

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