Investor Ed Garden builds stake in Fortune Brands and seeks new CEO, WSJ reports
Feb 22 (Reuters) - Investor Ed Garden has built a stake in building products supplier Fortune Brands Innovations FBIN.N and seeks to replace its incoming chief executive, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
The report did not disclose the exact size of Garden's stake.
Garden, who runs Garden Investments, has privately nominated a slate of director candidates ahead of Fortune Brands' next annual shareholder meeting, the report said.
Reuters could not immediately verify the report. Fortune Brands Innovations and Garden Investments did not immediately respond to Reuters' requests for comments outside regular business hours.
Fortune Brands, which makes products for residential and commercial environments, has a market value of about $6.53 billion.
Shares of the company fell nearly 19% on February 13 after fourth-quarter revenue and profit came in below estimates.
The home security company announced this month the departure of Chief Executive Nicholas Fink and appointment of Amit Banati as next CEO.
Garden saw Fink as lacking leadership and industry experience, and views Fortune Brands tapping Banati as making the same mistake, the WSJ report said.
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