Amit Banati, an IIM Lucknow graduate and former CFO of Kenvue, was set to take over as CEO of Fortune Brands Innovations in May 2026 but stepped aside before starting, amid a governance shakeup. Despite never working a single day in the role, he is due to receive an $18.4 million separation payment to compensate him for leaving his prior position.
Amit Banati, an alumnus of IIM Lucknow, was named chief executive officer of Fortune Brands Innovations in February 2026, with the appointment scheduled to become effective on May 13, 2026. However, he ultimately never assumed the role, resigning before his first day on the job after a governance overhaul at the Illinois‑based consumer‑products company.
Banati had stepped down as CFO of Kenvue to join Fortune Brands, fully expecting to take the helm of the new CEO. The transition was framed as part of a leadership refresh, with Banati set to replace Nicholas Fink, who had been at the company’s helm for six years. Yet, shortly after Fink’s departure was announced, Fortune Brands’ board pulled back on moving forward with Banati, citing pressure from activist investor Ed Garden of Garden Investments.
According to reports, Garden struck a cooperation agreement with Fortune Brands to join its board and is now seeking broader leadership and governance changes. Among his criticisms is that the company named Banati CEO too quickly – just one day after Fink’s exit was made public. Garden reportedly views Fink as lacking sufficient leadership and industry experience and believes selecting Banati in rapid succession risked repeating the same strategic misstep. In response, the board decided to launch a new search for Fortune Brands’ next CEO, rather than proceed with Banati’s installation.
“Amit Banati has decided to step aside and will no longer assume the role of CEO in May. He has also stepped down from the Board,” Fortune Brands stated in a press release. Banati, who had also served on the company’s board of directors for five years, resigned from that position as well.
Although he never worked as CEO, Banati is set to receive an $18.4 million “make‑whole” payment from Fortune Brands. The company describes the package as compensation for what Banati gave up to leave his previous role as CFO of Kenvue. The payout is intended to cover forgone salary, bonuses, and other benefits tied to his exit from Kenvue, effectively restoring his financial position as if he had not accepted the new role.
The episode underscores the high stakes and volatility in corporate leadership transitions, especially when activist investors are involved. Banati’s case also highlights how pre‑start executive compensation agreements can remain binding even when a CEO never formally steps into the job, turning a short‑lived appointment into a multimillion‑dollar separation event.