- Push-out Score determined
- After 10 years in the position
- Accolades, praise and thanks for Klein
- Nick Fink taking over
- Klein will remain as executive chairman at Fortune Brands
- Klein spoke at length and said 170 words
(exechange) — Deerfield, Illinois, September 24, 2019 — Chris Klein, chief executive of Fortune Brands, leaves his position. As announced by Fortune Brands Home & Security Inc. in a news release on Tuesday, September 24, 2019, Christopher J. (Chris) Klein leaves his post as chief executive officer at the manufacturer of home fixtures and hardware after 10 years in the role, effective January 6, 2020.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.3 years, according to data compiled by exechange. On an accumulated basis, around 26% of the CEOs who announced their departure over the past 12 months left their posts after more than 10 years.
Chris Klein’s duties as CEO will be taken over by Nicholas (Nick) Fink, most recently president and chief operating officer of Fortune Brands Home & Security, Inc.
“A good environment for this transition in leadership”
Chris Klein’s departure from the CEO post is explained as follows. Klein said: “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.”
Klein will remain as executive chairman at Fortune Brands
“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,” Fortune Brands said.
Fortune Brands said: “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.”
Share price decline
The announcement follows a decline in Fortune Brands Home & Security, Inc.’s share price of 26% since January 2018.
Chaired by David M. Thomas
Fortune Brands Home & Security, Inc. is chaired by David M. Thomas.
In the position of CEO since 2010
Chris Klein became CEO of the Company in January 2010.
Klein led the Company through the spin-off from Fortune Brands, Inc. in 2011.
Prior to the Company’s spin-off, he held several leadership positions at Fortune Brands, Inc., helping to reshape the business through acquisitions and divestitures.
Prior to joining Fortune Brands, Klein held key strategy and operating positions at Bank One Corporation and also served as a partner at McKinsey & Company, a global management consulting firm.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Fortune Brands and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 39.2019 ($).