The maker of Yale and Master Lock padlocks is set to replace its incoming chief executive before his first day in the job as part of a detente with an activist hedge fund set up by a Trian co-founder, Financial Times’ Oliver Barnes reports. In order to stave off a proxy fight with activist investor Ed Garden, Fortune Brands (FBIN) Innovation has committed to rerun its CEO search as well as adding Garden to its board of directors, according to people familiar with the matter.
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