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Fortune Brands CEO never officially worked a day—but he’ll get $18.4 million after a massive leadership shakeup | Fortune

Source: fortune.com

Amit Banati signed on as Fortune Brands CEO but quit after zero days worked, walking away with an $18.4 million payout.
Activist investor Ed Garden derailed the deal by buying a stake and pushing board changes right after the announcement.
Banati also resigned from the board after five years, triggering a fresh CEO search.

Fortune Brands lined up Amit Banati to replace CEO Nicholas Fink, but activist pressure from Ed Garden's stake killed the plan before Banati even started. He got a massive "make whole" payment for ditching his old CFO gig at Kenvue. This exposes how executive pay packages and shareholder activism can collide in wild ways.