US: Fortune Brands adds to board

By | 31 July 2008

Fortune Brands has elected a new director to its board.

The company, which owns Beam Global Spirits & Wine, said yesterday (30 July) that Ronald Waters III will join its board with immediate effect.

Waters is currently president and chief operating officer of LoJack Corporation. Prior to joining LoJack in 2007, he was chief operating officer at Wm. Wrigley Jr. Company. In his seven years at Wrigley, Waters also served as chief financial officer. He has previously held executive positions at The Gillette Company, and was a partner and practice leader at KPMG International.

"We are pleased to welcome Ron Waters to the board of Fortune Brands," said Fortune's president and CEO, Bruce Carbonari. "With his background in consumer packaged goods and unique blend of operating and financial experience, he will bring a valuable perspective to the work of our board."

Waters' election ups the size of Fortune's board to ten members.

Earlier this week, Fortune said it is looking to move the election of board members to an annual basis. Fortune's directors are currently divided into three classes and are elected to staggered three-year terms, the company noted. If the plan is approved by shareholders - at Fortune's annual meeting next year - the company will phase-in annual election of directors beginning at the 2010 annual meeting. As of the 2012 annual meeting, all directors would be elected annually.

Sectors: Spirits, Wine

Companies: Fortune Brands, Beam Global

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