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Kenvue CEO Steps Down, Board Initiates Strategic Review

Interim executive Kirk Perry takes charge as the board explores options to streamline the consumer health portfolio ahead of full earnings due August 7.

FILE - This is a display of Johnson and Johnson's Band-Aids in a Costco Warehouse in Pittsburgh, Jan. 26, 2023. (AP Photo/Gene J. Puskar, file)
Mayor of Summit, New Jersey Elizabeth Fagan and CEO of Kenvue Thibaut Mongon attend the Kenvue Ground Breaking in Summit, NJ on April 24, 2024 in Summit, New Jersey.
FILE PHOTO: The company logo for Kenvue Inc. Johnson & Johnson's consumer-health business, is displayed on during the company's IPO at the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2023. REUTERS/Brendan McDermid/File Photo
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Overview

  • Thibaut Mongon stepped down as Kenvue’s CEO on July 14, with board member Kirk Perry named interim chief effective immediately.
  • The board has launched a strategic review to explore portfolio and operational simplification with support from Centerview Partners, McKinsey and Heidrick & Struggles.
  • Kenvue provided preliminary guidance of 28 to 29 cents per share in adjusted earnings for the fiscal second quarter ahead of the full results on August 7.
  • Shares rose more than 4 percent in premarket trading following the leadership change and review announcement.
  • Activist investors including Starboard Value and Toms Capital have pressed for value-unlocking moves, following earlier leadership shifts such as the May replacement of CFO Paul Ruh with Amit Banati.