Fortune Brands' new CEO never officially worked a day—but he'll get $18.4 million after a massive leadership shakeup [Yahoo! Finance]
Fortune Brands Home & Security, Inc. (FBHS)
Last fortune brands home & security, inc. earnings: 4/30 04:05 pm
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Source: Yahoo! Finance
Amit Banati left a CFO job at a Fortune 500 company, signed a contract to become CEO of Fortune Brands Innovations , and then never officially worked a single day in the role. He walked away this week with $18.4 million in cash. The epic payday, ostensibly to compensate Banati for what he left behind at his prior job, is the outcome of a remarkable, possibly absurd, confluence of today's bumper executive compensation packages and activist investor campaigns. And it's just one facet of a wild week at the Deerfield, Ill. manufacturer of Moen faucets, Yale locks, and Therma-Tru doors, which sold $4.5 billion in products last year. On Monday, Fortune Brands moved to clear its leadership slate after Garden Investment Management 's Ed Garden, an activist investor and son-in-law of prolific activist investor Nelson Peltz , struck a cooperation agreement this week with the company to join the board. But Garden isn't the only large investor knocking on Fortune Brands' door. In yet ano
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