To our stakeholders,
When I stepped into the role of Interim CEO in March, my immediate priority was to listen. I’ve spent time with our teams, our customers and many of our investors, and what I’ve heard reinforces my conviction in what makes Fortune Brands Innovations strong: our portfolio of leading brands and our talented people.
With the full support of our Board, we are taking decisive action to build momentum in our core brands and make progress against our strategic priorities.
Near-Term Priorities
Our teams are focused on three near-term priorities to improve performance and position us for profitable, sustainable growth:
- Increase Operational Rigor and Discipline
We are enhancing our execution, with a focus on increasing the pace and quality of new product development and improving our ability to consistently serve our customers at a high level.
- Optimize our Structure to Drive Efficiencies
We are taking actions to align our cost structure with current market realities, while continuing to support our business units. This includes scaling our assets more effectively, optimizing our fixed costs and reducing SG&A spend. While we are flexing down our cost base, we are making sure to maintain capacity to capture growth when market conditions improve.
- Focus Resources on the Highest Return Opportunities
We are sharpening our portfolio focus and investing in areas with the highest potential returns. We are ensuring that our strongest brands have the resources they need to compete, win and scale. We are also reviewing targeted parts of our business and setting clear expectations for improved performance and the best path forward for these businesses.
These priorities are within our control even amidst a dynamic market environment. Our focused execution and targeted investments are already delivering encouraging results in key parts of the business, and I know we have many more wins to come.
Confidence in the Path Ahead
Fortune Brands Innovations’ strategy is sound. Our foundation is strong. Now the focus is on execution. I am confident in our ability to move with urgency to advance these three near-term priorities and pave the way for improved performance and accelerated value creation over the long term.
Thank you for your continued interest in and support of our company.
Dave Barry
Interim Chief Executive Officer
Fortune Brands Innovations
