Christopher Klein Will Retire from Fortune Brands Board of Directors at Year’s EndSeptember 22nd, 2020 by Editor
Fortune Brands Home & Security, Inc., a home and security products company, announced that its Board of Directors executive chairman, Christopher Klein, has made plans to retire on the close of business on December 31, 2020. Klein’s departure from the Board is part of the company’s multi-year transition plan.
“This year, the business has reacted and performed exceedingly well amidst a global health pandemic and economic uncertainty. Our strong financial results speak to the quality of our teams and strategic plans, and our operational excellence. Fortune Brands’ demonstrated ability to outperform in any environment gives me and our Board the confidence to enable me to step down as chairman of the Board in accordance with the multi-step leadership transition plan we initiated several years ago,” said Klein. “Fortune Brands remains well-positioned to leverage a strong housing industry that has only strengthened since last spring. I am immeasurably proud of our culture, our team, and our successful track record, and I am confident Fortune Brands is even better positioned to capture additional growth opportunities long into the future.”
Klein was the company’s first CEO, joining the former parent company, Fortune Brands, Inc., in April of 2003 as senior vice president of strategy and corporate development. He became president and COO of the home division of FO (FBHS) in 2009, and CEO in 2010.
As CEO, Klein guided the company through the recovery from the historic 2008 housing downturn, established a seasoned management team, and built platforms for future growth across plumbing, doors, decking, security and cabinets. He took Fortune Brands Home & Security, Inc. public in 2011 after it spun-off from Fortune Brands, Inc.
Throughout Klein’s decade of leadership, the company added nine major strategic acquisitions to its portfolio, joined the S&P 500 and initiated and regularly increased its quarterly dividend.
Klein retired from the role of CEO in January 2020, transitioning to his current role of executive chairman of Fortune Brands’ Board of Directors, where he has continued to provide leadership and work closely with Nicholas Fink, his successor as CEO. Under Fink’s leadership, the company has navigated the uncertainty and challenges of the COVID-19 pandemic with “quick and aggressive” actions to ensure a safe working environment for associates, according to the company.
The final step in the company’s management transition will be the Board’s appointment of a new, non-executive chairperson by the end of 2020, and Fink will continue to lead the business and drive profitable growth as CEO.
“Chris was instrumental in leading the successful spin-off of Fortune Brands in 2011, after rebuilding the company as it emerged from the 2008 housing crisis. As our first CEO, he established our culture, and built out all elements of the company, both organically and through acquisitions, and has positioned the company to outperform the market and continue to create value for the long-term,” said Fink. “I feel fortunate to have worked alongside Chris for many years. His wealth of knowledge, counsel and friendship have been invaluable. I am honored to continue his tireless work of building this great company.”