Fortune Names Post Separation Directors For Beam, Carbonari To Retire At Year EndJuly 27, 2011
As Beam Global’s parent company Fortune Brands prepares to become a pure-play spirits operation as Beam Inc., the Illinois-based group has named directors for the new Beam organization and announced that Fortune chairman and CEO Bruce Carbonari will retire at the end of 2011. Current Beam CEO Matt Shattock will continue in his role following the spin-off of Fortune’s golf and home products businesses, which is expected to be completed early in the fourth quarter of this year. David Mackey, a current director of Fortune Brands, will become non-executive chairman of the new Beam Inc. following the separation.
The rest of the Beam Inc. board will include Shattock, as well as: Richard Goldstein, former chairman and CEO of International Flavors and Fragrances; Ann Fritz Hackett, president, Horizon Consulting Group; Pierre Leroy, former president, Worldwide Construction division, Deere & Co; Anne Tatlock, former chairman and CEO, Fiduciary Trust Co. International; and Peter Wilson, former chairman, Gallaher Group PLC—all of whom are current Fortune Brands directors.
Fortune Brands’ plan to transition to a spirits-only player, announced last year, is proceeding as scheduled. The $1.23 billion sale of the company’s Titleist golf business to a group led by Fila Korea and Mirae Asset Private Equity is slated to be complete by the end of this month. Meanwhile, Fortune is preparing for a spin-off to shareholders of its Home & Security division.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.