- Fortune Brands’ new CEO never officially worked a day—but he’ll get $18.4 million after a massive leadership shakeup
Mar 18, 2026
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 another twist, Swiss asset manager Pictet Asset Management filed a notice the day after Garden’s deal, disclosing a 7.6 million-share stake in Fortune Brands valued at $493 million. The position is double Garden’s at 6.4%. Pictet said it is engaging with the Fortune Brands board and management team on long-term strategy, governance, and financial performance. The notice allows Pictet to adjust to more aggressive tactics in the future.
Together, Garden and Pictet’s positions represent nearly 10% of the company but the two investors aren’t working together. Garden’s cooperation agreement bars him from forming or joining any group with any other shareholder or outside parties. As the news broke on Monday, Fortune Brands’ share price fell 2.6%, and it’s down 16% year-to-date.
How it Unraveled
Banati’s $18.4 million, zero-day stint at the helm of Fortune Brands was set in motion last month, and has been marked with drama from the get-go.
Fortune Brands announced on February 12 that Banati would replace CEO Nicholas Fink, with a start date slated for mid-May. But the day after the news dropped—on Friday February 13—Fortune Brands learned that activist investor Garden had built a stake in the company and privately nominated a reported slate of three new board members.
Garden believed the company should have taken more time to find Fink’s replacement as CEO, and he immediately began snapping up shares and planing to intervene when the CEO change was announced, according to reporting by the Wall Street Journal. By the time Monday’s agreement between Garden’s firm and Fortune Brands was struck, Garden’s stake was roughly 3.5 million shares, roughly a 3% position.
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Along with renouncing the CEO job, Banati is also stepping down from Fortune Brands’ board of directors, where he has served for the five years. As for the big cash payout, Fortune Brands describes it as a “make whole” payment for what Banati left behind at Tylenol-maker Kenvue. In his job as CFO at Kenvue, Banati received a $900,000 salary, a cash bonus, and a long-term equity grant valued at $3.2 million. He also left behind nearly 3.3 million unvested shares.
Under terms of the contract Banati signed in February with Fortune Brands, he gets to keep the $8 million one-time, sign-on bonus and gets accelerated vesting on $6 million in restricted stock units.
Banati is not the only exec being swept aside as a result of the company’s deal with Garden. Chief financial officer Jonathan Baksht, who was at Fortune Brands less than a year, stepped down on Monday. To replace Baksht and Banati, ex-Fortune Brands CFO David Barry will fill the gap as interim CEO until the board can find a permanent replacement. And to round it out, Ashley George, senior vice president of business unit finance, will step in as interim CFO. Barry will collect $18,000 a month on top of his $685,000 per year salary, bonus, and long-term comp award of up to $1.67 million. George gets $15,000 a month on top of her $387,130 a year salary and other comp, plus a $150,000 cash retention award.
The Garden Deal
As part of the cooperation arrangement, Garden will join Fortune Brands’ compensation committee, the nominating committee, and he’ll also serve on a CEO search committee if the board decides to create one as they search for Banati’s replacement. Fortune Brands also agreed to reimburse Garden up to $2 million in legal and advisory fees.
In exchange, Garden withdrew his board nominees for the upcoming 2026 annual meeting and will cap his stake below 9.9% in Fortune Brands. He also agreed to a ban on running a proxy contest for board seats at the company.
“Fortune Brands is a company with incredible brands, advantaged market positions, and significant long-term potential,” Garden said in a statement.
Susan Saltzbart Kilsby, chair of the Fortune Brands board, thanked Banati.
“In dialogue with certain shareholders, we have now decided to commence a comprehensive search process, with the assistance of a leading executive search firm to identify the next CEO of Fortune Brands, and Amit has decided to step aside,” Kilsby said.
The company will also put a board declassification proposal to shareholders for a vote at its investor meeting this year, a change that activists often push for that would see every board member stand for election annually. Under the current system, three directors stand for election per year on a rotating cycle.
Fortune Brands pushed its full-year 2026 outlook into the first quarter earnings call, and said its financials and fundamentals remain strong in the face of “macroeconomic and geopolitical headwinds.” The company’s net sales have declined slightly from $4.61 billion in 2024 to $4.46 billion in 2025, with net income dropping 37% from $471.9 million to $298.8 million in the same period.
An advisor for Garden declined comment. Fortune Brands referred to its public disclosures in response to a request for comment.
This story was originally featured on Fortune.com
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- Stocks making the biggest moves midday: KKR, Blackstone, CrowdStrike, International Paper & more
Feb 23, 2026
Check out the companies making the biggest moves midday: Financials – The financials sector of the S & P 500 slid more than 3% in midday trading, the worst performer in the broad market. Alternative asset managers KKR and Blackstone slid roughly 9% and 7%, respectively, after activist hedge fund Saba Capital Management and Cox Capital Partners said they plan tender offers to buy stakes in a trio of Blue Owl credit funds. Blue Owl shares were last off more than 5%. American Express dropped more than 7%, and Goldman Sachs fell nearly 4%. Cybersecurity – Anxiety over artificial intelligence shook up cybersecurity stocks, on the heels of Anthropic adding a new security capability to its Claude AI late last week. The Global X Cybersecurity ETF (BUG) tumbled 4%. CrowdStrike and Zscaler fell 10%, Fortinet and Okta dropped more than 5%. International Paper — The packaging and pulp products maker dropped more than 5%. Fastmarkets RISI on Friday said pricing for domestic containerboard declined $20/ton in February, according to a Dow Jones report. Smurfit Westrock and Packaging Corporation of America each fell more than 6%. Docusign — Shares of the agreement management platform tumbled nearly 8% after a downgrade from Jefferies on Monday to a hold from buy. The investment bank wrote that double-digit growth reacceleration won't come soon and it believes Docusign's new AI-powered agreement management platform needs to prove itself. DoorDash - The delivery platform sank 6%. DoorDash had to temporarily suspend operations in several locations, including New York and Philadelphia, due to the blizzard. ImmunityBio — The San Diego-based clinical stage immunotherapy company surged 12%. ImmunityBio reported 700% year-over-year revenue growth , expanded Anktiva approvals for lung cancer, global label expansion plans and global commercial partnerships. Veris Residential — The real estate investment trust, which owns office space and other properties primarily in the Northeast, agreed to be bought by a consortium led by Affinius Capital for $19 a share in cash. Veris jumped 12% Monday. Novo Nordisk , Eli Lilly — Novo Nordisk sank 15% after its weight-loss drug CagriSema failed to match Eli Lilly's in a recent trial. Eli Lilly shares rose almost 5%. Domino's Pizza — The pizza chain gained 3% after U.S. fourth-quarter sales grew 3.7%, topping a FactSet consensus estimate of 3.1%. Overall revenue for Q4 also beat expectations, coming in at $1.54 billion versus the $1.52 billion estimate. Fortune Brands Innovations — The stock added about 2% after The Wall Street Journal reported that investor Ed Garden built a stake in the maker of Moen faucets and Master Lock padlocks, seeking to replace the company's incoming CEO. VF Corp — The stock tumbled nearly 8% after the global apparel, footwear and accessories company was downgraded by JPMorgan. The analysts said that Vans' brand recovery could take longer, with sales to wholesalers and direct-to-consumer stores seemingly poised for a double-digit decline. Software stocks — Several software stocks fell after being downgraded to hold by Jefferies. The investment bank noted that the stocks exhibited more persistent risk and negative sentiment, based on its analysts' artificial intelligence risk framework, and other company-specific factors. Monday.com , Freshworks and Workday all slid about 8%. Arcellx — The biotech stock surged 78% after Gilead Sciences said Monday it agreed to acquire Arcellx for $7.8 billion, or $115 per share in cash, plus and one contingent value right of $5 per share. Arcellx focuses on immunotherapies for patients with cancer and others with incurable diseases. The deal is expected to close in the second quarter. Airline stocks — United Airlines and American Airlines fell around 5%, and Delta Air Lines lost almost 4%. The airlines canceled thousands of flights flights across the U.S. due to the massive East Coast blizzard. In Long Island, New York, about 20 inches of snow were reported to have fallen, according to the New York Times . — With additional reporting by CNBC's Michelle Fox, Darla Mercado, Davis Giangiulio and Liz Napolitano
- Stocks making the biggest moves premarket: Arcellx, Novo Nordisk, Domino's Pizza and more
Feb 23, 2026
Check out the companies making headlines before the bell. Arcellx — The biotech stock surged 78% after Gilead Sciences said Monday it agreed to acquire Arcellx for $7.8 billion, offering $115 per share in cash at closing and one contingent value right of $5 per share. Arcellx focuses on immunotherapies for patients with cancer and others with incurable diseases. The deal is expected to close in the second quarter. Novo Nordisk , Eli Lilly — Novo Nordisk sank 14% after its weight-loss drug CagriSema failed to match Eli Lilly's in a recent trial. Eli Lilly shares rose nearly 3%. Domino's Pizza — The pizza chain gained 4% after U.S. sales for the fourth quarter grew 3.7%, topping a FactSet consensus estimate of 3.1%. Overall revenue for Q4 also beat expectations, coming in at $1.54 billion versus the $1.52 billion estimate. Fortune Brands Innovations — The stock jumped 4% after The Wall Street Journal reported that investor Ed Garden built a stake in Fortune Brands and seeks to replace the company's incoming CEO. VF Corp — The stock fell about 3.5% after the global apparel, footwear and accessories company was downgraded by JPMorgan. The analysts said that Vans' brand recovery could take considerable time, with sales in wholesalers and direct-to-consumer stores seemingly poised for a double-digit decline.
- Stock Market Today, Feb. 13: Russell 2000 rises, rate cut bets grow grow after surprising inflation print
Feb 13, 2026
This live blog is refreshed periodically throughout the day with the latest updates from the market.To find the latest Stock Market Today threads, click here.
Happy Friday. This is TheStreet’s Stock Market Today for Feb. 13, 2026. You can follow the latest updates on the market here in our daily live blog.
Update: 4:00 p.m. ET
Closing Bell
The U.S. market is closed for the day(and the week). The Russell 2000 added 1% on rate cut hopes, while the. large cap indexes shed their intraday gains. The Dow (+0.10%) and S&P 500(+0.05%) were little-changed, while the Nasdaq (-0.22%) declined. That'll mark an end to the worst week since November, so this longer weekend might offer investors some necessary rest and relaxation.
Update: 1:46 p.m. ET
Midday Movers
Past the midway point of the day, stocks are finally heading up. Right now, more stocks are advancing than fell in yesterday's tumble, with 73% of U.S. issues advancing. The Russell 2000 (+1.84%) is leading the pack, while large cap indexes such as the S&P 500 (+0.62%), Nasdaq (+0.55%), and Dow (+0.42%) trail.
With that, we can turn our attention to the top and bottom 25 stocks on the market today in our Midday Movers list:
Winners
Evolution Metals & Technologies Corp (+28%) leads U.S. stocks today, flanked by Rivian Automotive (+27.1%), Tri Pointe Homes (+26.6%), and Magna International (+18.8%).
Losers
Bright Horizons Family Solutions (-21.3%) is handily the worst-situated stock on our list today, but despite the strength in numbers seen on the markets today, there are other decliners, too. Pinterest (-17.6%), Fortune Brands (-15.1%), and Callaway Golf (-15.1%) are all declining today. Prediction markets DraftKings (-13%) and Flutter Entertainment (-11.6%) are also seen falling.
Update: 9:30 - 9:45 a.m. ET
Opening Bell
The U.S. markets are open for the day. Stocks are rising modestly out of the gate after a healthy inflation print this morning, which we expound upon below in our A.M. Update (scroll down to see that).
The Russell 2000 (+0.38%) is, understandably, leading the way as a result. With rate cut bets back on the table, the small-cap index stands to benefit hugely. CME Group's FedWatch is now putting odds of a third 2026 rate cut on the table again, which would be a huge win for the index's companies.
That also happens to be where the majority of advancing stocks are coming from. 58.9% of issues are advancing this morning against 35.4% declining and a slim number unchanged.
Large Caps Struggle
Meanwhile, the short-lived gains in the Dow Jones (-0.31%), Nasdaq (-0.31%), and S&P 500 (-0.14%) have been vanquished just a short few minutes into the trading session.
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Looking at the S&P 500's heat map (delayed 15 min), you can identify where the pain points are: it's tech names, again. In fact, aside from the declines in those sectors, industrials, healthcare, energy, and others seem to be hanging on pretty strong today:
Earnings Check-In
Here's a look at how this morning's earnings have been faring:
Update: 8:34 a.m. ET
Inflation Comes in Softer Than Anticipated
The Consumer Price Index (CPI) for Jan. 2026 is out now, coming in slightly softer than expected.
The CPI rose 0.2% month-over-month (or 2.4% year-over-year), while Core CPI rose 0.3% (or 2.5% YoY). Both figures represented a deceleration in headline inflation from the December report. Better yet, the numbers bested analysts' expectations.
This has equity futures little-moved for the moment, but that's probably a huge score for Fed hawks betting on the timing (and count) of Fed cuts this year. With a showing like this, Fed Chair nominee Kevin Warsh might have an easier time delivering on rate cuts for President Donald Trump.
Update: 8:14 a.m. ET
A.M. Update
Good morning. Here's what we have on the docket for today:
Earnings Today: Enbridge, TC Energy, NatWest
This morning, energy companies Enbridge, regional banks NatWest and Creditcorp, and uranium company Cameco are expected to report earnings. They're also joined by auto parts companies Magna International and Atmus Filtration, plus biotech company Moderna. We'll post the reactions after the market opens.
There won't be much activity after the closing bell, seeing how it's Friday (and nobody likes a Friday P.M. report!)
Data Today: Consumer Price Index
At 8:30 a.m. ET, we'll get our biggest data drop of the week in the Consumer Price Index. Last month, the inflation benchmark stagnant from the previous month, up 2.7% year-over-year. A cooler (or hotter) report could bode big moves for stocks.
This story was originally published by TheStreet on Feb 13, 2026, where it first appeared in the Latest Business & Market News section. Add TheStreet as a Preferred Source by clicking here.
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- Fortune Brands Declares Quarterly Dividend
Dec 13, 2022
DEERFIELD, Ill., December 13, 2022--(BUSINESS WIRE)--Fortune Brands Home & Security, Inc. (NYSE: FBHS) announced that on December 12, 2022, its Board of Directors declared a quarterly cash dividend for Fortune Brands Innovations, Inc. (NYSE: FBIN) of $0.23 per common share. The Fortune Brands Innovations dividend is payable on March 15, 2023, to Fortune Brands Innovations stockholders of record as of the close of business on February 24, 2023.
As previously announced, the Company is changing its name to Fortune Brands Innovations, Inc. and its ticker symbol to FBIN, effective December 15, 2022. The new name better reflects the Company’s evolution as a business focused on driving accelerated growth in its categories through brand and innovation. The Fortune Brands Innovations dividend announced today will be the first dividend paid out under the Company’s new name, underscoring that Fortune Brands Innovations remains committed to creating shareholder value.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221213005947/en/
Contacts
INVESTOR CONTACT:
Investor.Questions@fbhs.com
MEDIA CONTACT:
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- First Solar Set to Join S&P 500; Fortune Brands Innovations to Join S&P MidCap 400; MasterBrand to Join S&P SmallCap 600
Dec 12, 2022
NEW YORK, Dec. 12, 2022 /PRNewswire/ -- S&P MidCap 400 constituent First Solar Inc. (NASD: FSLR) will replace Fortune Brands Home & Security Inc. (NYSE: FBHS) in the S&P 500, Fortune Brands Innovations Inc. (NYSE:FBIN) will replace First Solar in the S&P MidCap 400, and MasterBrand Inc. (NYSE: MBC) will replace Conn's Inc. (NASD: CONN) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, December 19. Fortune Brands Home & Security is spinning off MasterBrand in a transaction expected to be completed December 15. Post spin-off, Fortune Brands Home & Security will have a name and symbol change to Fortune Brands Innovations Inc. (NYSE:FBIN) and will be more representative of the midcap market space. Conn's is no longer representative of the small-cap market space.
Following is a summary of the changes that will take place prior to the open of trading on the effective date:
Effective Date Index Name Action Company Name Ticker GICS Sector Dec. 15, 2022 S&P 500 Addition MasterBrand MBC Industrials Dec. 19, 2022 S&P 500 Addition First Solar FSLR Information Technology S&P 500 Deletion MasterBrand MBC Industrials S&P 500 Deletion Fortune Brands Home & Security FBHS Industrials S&P MidCap 400 Addition Fortune Brands Innovations FBIN Industrials S&P MidCap 400 Deletion First Solar FSLR Information Technology S&P SmallCap 600 Addition MasterBrand MBC Industrials S&P SmallCap 600 Deletion Conn's CONN Consumer Discretionary
For more information about S&P Dow Jones Indices, please visit www.spdji.com
ABOUT S&P DOW JONES INDICES
S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.
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S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com.
FOR MORE INFORMATION:
S&P Dow Jones Indices index_services@spglobal.com
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SOURCE S&P Dow Jones Indices
- First Solar To Join S&P 500 Index As Fortune Brands Spins Off Unit
Dec 12, 2022
First Solar will join the S&P 500 index before the open on Dec. 19 as Fortune Brands Home & Security splits into two firms. FSLR stock is near a buy point.
- First Solar to join S&P 500
Dec 12, 2022
First Solar Inc. will join the S&P 500 index , replacing Fortune Brands Home & Security Inc. , which will move to the S&P MidCap 400, S Dow Jones Indices said Monday. The changes are effective next Monday. Fortune Brands is spinning off MasterBrand cabinet business, a deal expected to be completed on Thursday. After the spinoff, Fortune Brands will change its name and ticker to Fortune Brands Innovations Inc. "and will be more representative of the midcap market space," the index manager said. S
- Stocks trending after hours: Oracle, Tesla, First Solar
Dec 12, 2022
Oracle (ORCL) shares moved up about 3% after beating Wall Street quarterly estimates on the top and bottom line.
The database software giant reported fiscal second-quarter revenue of $12.28 billion, an 18% year over year increase when measured in U.S. dollars. The company's cloud unit was the standout, with $3.8 billion revenue for the quarter.
The company's adjusted earnings of $1.21 per share beat estimates of $1.18. Oracle said were it not for the strong U.S. dollar, its adjusted EPS would’ve been 9 cents higher.
Oracle highlighted its recent acquisition of healthcare IT firm Cerner. "Since the acquisition, Cerner has contributed to Oracle's growth—and Oracle has helped Cerner improve its technology," Oracle’s chairman and CTO, Larry Ellison said in the company’s press release.
Tesa (TSLA)
The stock was falling further after losing more than 6% during Monday's trading session. Shares closed at their lowest level since November 2020. The EV giant's stock was the biggest laggard on the Nasdaq (^IXIC) and S&P (^GSPC) during the session.
Most recently the stock is under pressure after news that it's cutting production in its Shanghai plant. Investors are concerned about sluggish demand. Some Wall Street analysts have voiced concern about CEO Elon Musk's recent acquisition of social media firm Twitter, over fear that it may be a distraction. Year to date, Tesla is down about 52%.
First Solar (FSLR)
Shares of First Solar moved higher on news that is set to enter the S&P 500. The solar panel manufacturer replaces Fortune Brands (FBHS) which will move to the S&P 400.
First Solar's stock is up almost 70% year to date as green energy equities benefited this year from the Inflation Reduction Act. First Solar's market cap hovers above $16 billion.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre.
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- First Solar Set to Join S&P 500; Fortune Brands Innovations to Join S&P MidCap 400; MasterBrand to Join S&P SmallCap 600
Dec 12, 2022 · prnewswire.com
NEW YORK , Dec. 12, 2022 /PRNewswire/ -- S&P MidCap 400 constituent First Solar Inc. (NASD: FSLR) will replace Fortune Brands Home & Security Inc. (NYSE: FBHS) in the S&P 500, Fortune Brands Innovations Inc. (NYSE:FBIN) will replace First Solar in the S&P MidCap 400, and MasterBrand Inc. (NYSE: MBC) will replace Conn's Inc. (NASD: CONN) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, December 19. Fortune Brands Home & Security is spinning off MasterBrand in a transaction expected to be completed December 15.
