updates with quotes, Singh's track record and stock price

By Abigail Summerville

NEW YORK, June 29 (Reuters) - Building products supplier Fortune Brands Innovations FBIN.N announced on Monday the appointment of Jesse Singh as its next chief executive officer, confirming an earlier Reuters report.

Fortune Brands shares rose around 7% Monday morning for a roughly $5.5 billion market capitalization.

Activist investor Ed Garden had built a stake in Fortune Brands and was seeking to replace its incoming CEO among other changes. Garden, the founding partner and CEO of Garden Investments, joined the company's board in March.

"We think the resurrection of Fortune Brands starts today with Jesse becoming the CEO," Garden told Reuters. "The next focus for us will be best in class operating performance, best in class capital allocation, best in class strategic decisions."

Singh, who will start on Monday, had a track record that made him a standout candidate.

Most recently, he served as CEO of outdoor living products maker The AZEK Company from 2016 to 2025, when revenue tripled and earnings before interest, taxes, depreciation and amortization (EBITDA) margins expanded meaningfully, according to the announcement. He also spent 14 years at 3M MMM.N.

Fortune Brands provides home, security and digital products and is behind the brands Master Lock, Moen, and SpringWell.

"The combination ​of our strong ​portfolio of leading brands, channel positions, and ​innovation ​capabilities ​sets ​the foundation for ​our success. ​Now with ​Jesse's ​leadership and ​operational ​expertise, we ​will ​set a clear path forward to ​drive profitable ​growth ​and unlock ​significant shareholder value that is ​embedded in this ​business," Susan Kilsby, non-executive chair of Fortune's board, told Reuters.

The company's interim CEO David Barry has been appointed chief operating officer and executive vice president.