In February 2026, Fortune Brands Innovations announced that Amit Banati had been appointed its chief executive officer, effective May 13, 2026. Banati resigned from his position as CFO at Kenvue to join Fortune Brands — only to be left effectively jobless after a governance shakeup at the Illinois-headquartered company.
However, despite never working a single day as the CEO, IIM Lucknow alum Amit Banati will walk away with a $18.4 million paycheck.
Why Amit Banati won’t join Fortune Brands as CEO
Fortune Brands’ plan to install Amit Banati as CEO unraveled amid a broader governance shakeup and pressure from activist investors, most notably Ed Garden of Garden Investments. Banati had been tapped to replace CEO Nicholas Fink and scheduled to start in mid-May.
However, according to a report in Fortune magazine, Ed Garden struck a cooperation agreement last week with the company to join the board. Garden is now seeking to replace the incoming CEO along with other changes.
The board, in consultation with key shareholders, opted to launch a search for the company’s next CEO rather than move forward with Banati, citing the need for a leader with the right long-term vision and experience to navigate a challenging market.
“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 said in a press release.
$18.4 million paycheck for Amit Banati
{{/usCountry}}“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 said in a press release.
$18.4 million paycheck for Amit Banati
{{/usCountry}}Despite not working as a CEO for a single day, Banati walked away from Fortune Brands with a $18.4 million paycheck, Fortune magazine reported.
The paycheck will compensate Banati for what he left behind at his prior job as CFO of Kenvue. Fortune Brands describes it as a “make whole” payment for what Banati left behind.
According to a Wall Street Journal report, Garden has expressed concerns that Fortune Brands acted too hastily in naming Banati CEO just one day after Nicholas Fink announced his departure. Sources familiar with the matter said Garden viewed Fink—who became CEO six years ago—as lacking the necessary leadership and industry experience. Garden saw the appointment of Banati in quick succession as repeating the same mistake.
Along with resigning as incoming CEO, Banati also stepped down from the board of directors at Fortune Brands, where he had served for five years.