Fortune Brands Innovations (FBIN) said Wednesday that it is implementing a string of organizational and leadership changes including the elimination of the group president role, in an effort to drive growth.
The company said Cheri Phyfer, its current group president, will transition to an advisory role through July 1 and then step down to focus on other opportunities. In addition, Chief Financial Officer Dave Barry was appointed as president for security and connected products but will remain as CFO until his successor is named, Fortune Brands said.
Fortune Brands also said it will consolidate its regional offices in the US into one headquarters in Illinois and expects this new campus to have the capacity for over 1,000 employees by the end of 2027.
The company said its digital-focused office in San Francisco as well as its US manufacturing facilities and distribution centers, sales offices, and international sites will continue to operate as usual.
FBIN shares were down over 1% in early trading.
Price: 73.47, Change: -0.90, Percent Change: -1.21
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