Fortune Brands Announces Effectiveness of the Form 10 Registration Statement for MasterBrand
Fortune Brands Home & Security, Inc. (NYSE: FBHS or “Fortune Brands” or the “Company”), an industry-leading home and security products company, today announced that the U.S. Securities and Exchange Commission has declared effective the Registration Statement on Form 10 filed by MasterBrand, Inc. (“MasterBrand”). The Form 10 includes information regarding MasterBrand’s business and strategy, as well as details on the spin-off, which is expected to be completed on December 14, 2022.
MasterBrand has also finalized the composition of its Board of Directors, effective following its spin-off from Fortune Brands, and intends to appoint the following individuals to its Board:
- Dave Banyard: Banyard is the current President of MasterBrand Cabinets, LLC, the Cabinets segment of Fortune Brands Home & Security, Inc. He will serve as the Chief Executive Officer of MasterBrand following the separation of the business.
- Juliana Chugg: Chugg has served on the Board of Directors of Darden Restaurants, Inc. since March 2022 and on the Board of Directors of V. F. Corporation since 2009. Chugg previously served as Executive Vice President and Chief Brand Officer of Mattel, Inc. as well as director of Kontoor Brands, Inc., Caesars Entertainment Corporation and H.B. Fuller Company.
- Robert Crisci: Crisci serves as the Executive Vice President and Chief Financial Officer of Roper Technologies, Inc. Crisci’s prior experience includes positions at Morgan Keegan, VRA Partners, Devon Value Advisers and Deloitte & Touche.
- Ann Fritz Hackett: Hackett was a Partner and Co-Founder of Personal Pathways, LLC, a company providing web-based enterprise collaboration platforms, from 2015 until her retirement in 2020. Hackett has served as a member of the Fortune Brands Board of Directors since 2011 and the Capital One Financial Corporation Board of Directors since 2004.
- Jeffery S. Perry: Perry is the Founder and Chief Executive Officer of Lead Mandates LLC, a business advisory firm that helps organizations improve business and leadership performance. Perry has served as a member of the Fortune Brands Board of Directors since 2020 and the Equitable Funds Board of Directors since 2021.
- David D. Petratis: Petratis will join as Chairman of the Board. He served as President and Chief Executive Officer of Allegion plc from 2013 to 2022, also acting as Executive Chairman of the Board of Directors during that time. Since 2021, Petratis has served as lead director of the Board of Directors at Sylvamo Corporation. He also currently serves as a member of the University of Northern Iowa Business Executive Advisory Board.
Complete biographies for MasterBrand’s Board members can be found in the Form 10.
“I am thrilled that we have reached these important milestones well ahead of schedule,” stated Banyard. “As part of developing the infrastructure required to be an independent, publicly-traded company, our team has diligently built a world-class, highly-qualified Board of Directors. The group we have assembled brings a strong mix of extensive business leadership experience, years of prior board service and diverse backgrounds and perspectives. I am confident that their expertise will be instrumental in driving MasterBrand’s strategic transformation as a standalone company.”
“The transformation of MasterBrand over the past few years has been nothing short of amazing,” said Fortune Brands Chief Executive Officer Nicholas Fink. “I am excited for the future of this incredible, world-class organization as they continue their progress and grow their position as the market leader.”
Leadership from Fortune Brands and MasterBrand will speak to their respective strategies at the Company’s upcoming Investor Day on December 6, 2022. Learn more about the Company’s plan to separate by visiting www.fbhs.com/separation-updates.
About Fortune Brands
Fortune Brands Home & Security, Inc. (NYSE: FBHS), headquartered in Deerfield, IL., is a Fortune 500 company, part of the S&P 500 Index and a leader in the home products industry. With trusted brands and market leadership positions in each of its three operating segments, Water Innovations, Outdoors & Security, and Cabinets, Fortune Brands’ 28,000 associates work with a purpose to fulfill the dreams of home. The Company’s growing portfolio of complementary businesses and innovative brands includes Moen and the House of Rohl within Water Innovations; outdoor living and security products from Therma-Tru, LARSON, Fiberon, Master Lock and SentrySafe; and MasterBrand Cabinets’ wide-ranging offerings from MANTRA, Diamond, Omega and many more. Visit www.FBHS.com to learn more about FBHS, its brands and how the Company is accelerating its environmental, social and governance (ESG) commitments.
Source: Fortune Brands Home & Security, Inc.