Fortune Brands names new CEO

Bruce Carbonari has been named as the next CEO of Fortune Brands, the US giant that owns Beam Global. He has served as president and COO of the company since 1999,  …

… and will replace outgoing CEO Norm Wesley on January 1.

In 2005 Wesley was instrumental in the deal that enabled Fortune to acquire the Beam business, and during his eight-year tenure the company annual sales have grown from US$5.5billion (£2.73bn) to $8.8bn. He will continue to serve as chairman, and looks set to play a major role as the company aims to grow further through acquisition. Notably, in a press statement he quite candidly said, “by continuing to serve as chairman, I will look forward to continuing to lead major strategic initiatives, including our interest in the sale process surrounding Absolut vodka.”

Carbonari has been with the company – which also has major interests in home and hardware products and golf equipment – for 17 years. Commenting on the appointment he said: “I look forward to building on our company’s success and to maintaining our sharp focus on creating value for shareholders. That includes a sustained commitment to the strategy that has served Fortune Brands so well: investing to grow our leading consumer brands, positioning our businesses for stronger growth and higher returns, transforming operations to improve performance and cost structures, and leveraging the company’s financial strength to drive shareholder value higher.”

© db / Ben Grant / 29 August2007