Amit Banati
About Amit Banati
Amit Banati, age 56, is an independent director of Fortune Brands Innovations (FBIN) and has served on the Board since 2020. He is Vice Chairman and Chief Financial Officer of Kellanova (formerly Kellogg Company), with prior leadership roles at Kellogg (SVP & CFO; President APAC/MEA) and earlier experience at Mondelez, Cadbury Schweppes, and Procter & Gamble; he is designated an Audit Committee financial expert. His background spans global consumer products, finance, accounting, and transformation initiatives, providing deep board-relevant expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Kellanova | Vice Chairman & Chief Financial Officer | Dec 2022 – present (public company executive) | Financial leadership of global snacking, cereals, noodles, frozen foods; transformation experience |
| Kellogg Company | Senior Vice President & Chief Financial Officer | Jul 2019 – Dec 2022 | CFO oversight; previously President APAC/MEA driving international operations |
| Kellogg Company | President APAC/MEA | Prior thereto | Led international operations and strategy in Asia/Middle East/Africa |
| Mondelez; Cadbury Schweppes; Procter & Gamble | Various management roles | Not disclosed | Consumer products finance/operations; multi-national experience |
External Roles
| Company/Institution | Position | Committees/Focus | Notes |
|---|---|---|---|
| Public company directorships | None | — | Board table lists “Other Public Company Boards: None” for Banati |
| Kellanova | Vice Chairman & Chief Financial Officer | Finance; strategy; global operations | Executive role; not a board seat; time-commitment policy applies to execs serving on boards |
Board Governance
| Item | Detail |
|---|---|
| Independence status | Independent director under NYSE standards and FBIN principles |
| Board tenure | Director since 2020 (Class II; nominee for term expiring 2028) |
| Committee memberships | Audit Committee (Chair); Executive Committee (Member) |
| Audit chair credentials | Financially literate; Audit Committee financial expert (Item 407(d)(5)) |
| Meeting attendance | >90% of Board/committee meetings in 2024; Board met 5x, Audit 8x, Compensation 5x, NESG 4x |
| Board leadership | Independent Non-Executive Chair; regular executive sessions without management |
| Governance policies | Robust stock ownership guidelines; anti-hedging/anti-pledging; majority voting; proxy access |
Fixed Compensation (Director)
| Component (2024) | Amount | Notes |
|---|---|---|
| Annual cash retainer | $120,000 | Standard for non-employee directors |
| Committee chair fee (Audit) | $15,000 | Applies to Audit/Compensation/NESG chairs |
| Fees earned or paid in cash (Banati) | $129,719 | Actual cash compensation paid in 2024 |
| All other compensation (Banati) | $11,277 | Insurance/concierge health/cybersecurity, charitable match, etc. |
| Total (Banati) | $300,982 | Sum of cash + stock + other compensation |
Performance Compensation (Director)
| Equity Element (2024) | Detail |
|---|---|
| Annual equity retainer | $160,000 in company stock |
| Stock award (grant) | $159,986 (grant-date fair value) |
| Shares granted | 2,197 shares (May 2024; closing price $72.82; rounded to nearest share) |
| Option awards | Not applicable for directors (none granted) |
| Deferral elections | No deferral disclosed for Banati; deferral noted for certain other directors |
Performance metrics do not apply to non-employee director compensation; annual equity retainers are time-based share grants rather than PSUs/options with performance hurdles .
Other Directorships & Interlocks
| Company | Role | Potential Interlock with FBIN | Notes |
|---|---|---|---|
| None (public boards) | — | None | As disclosed, Banati holds no other public company directorships |
| Kellanova | Vice Chairman & CFO | No related-party transactions disclosed | FBIN reports no Item 404 related-party transactions since Dec 31, 2023 |
| Auditor oversight | PwC | Board/Audit Committee oversight of auditor independence and fees | Audit Committee chaired by Banati; PwC retained; independence reviewed |
Expertise & Qualifications
- Audit Committee financial expert; financially literate under SEC/NYSE definitions .
- Extensive management, financial and strategic leadership in global consumer products (Kellanova/Kellogg, Mondelez, Cadbury, P&G) .
- International operations leadership and transformational public company initiatives experience .
Equity Ownership
| Item | Detail |
|---|---|
| Total beneficial ownership | 7,978 shares (less than 1% of class) |
| Ownership guidelines | 5x annual cash retainer ($600,000) within five years of joining Board |
| Compliance status | All directors meet or are within 5-year window under guidelines |
| Hedging/pledging | Prohibited for directors/executives |
Governance Assessment
- Strengths: Independent status; Audit Chair with SEC “financial expert” designation; >90% meeting attendance; strong governance framework (ownership guidelines; anti-hedging/pledging; majority voting; proxy access) supporting accountability and alignment .
- Time-commitment considerations: As a sitting public-company CFO, Banati is subject to FBIN’s outside service limits (CEOs/CFOs restricted to one other public board in addition to FBIN); current service appears within policy, mitigating overboarding risk .
- Conflicts/related-party risk: FBIN discloses no related-party transactions involving directors/executives during the period, reducing conflict risk; Audit Committee processes for conflicts and related-party review are robust .
RED FLAGS: None material disclosed. Monitoring recommended on potential time-commitment risks given executive role, and continued oversight of auditor independence under Banati’s Audit Chairship .