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2mo ago

Kenvue Names Kirk Perry Interim CEO, Launches Strategic Review

Retaining its second-quarter EPS guidance, the board is assessing measures to streamline brands under activist investor pressure.

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 CEO and left the board on Monday.
  • Kirk Perry, a veteran of Circana and Procter & Gamble, will serve as interim CEO while a permanent successor is sought.
  • Kenvue reaffirmed its forecast of $0.28–$0.29 in adjusted EPS for the fiscal second quarter ahead of its August earnings release.
  • The board has initiated a strategic review to explore portfolio simplification, brand divestitures and operational alternatives.
  • Activist investors have pressed for divestitures or a full sale of Kenvue since its 2023 spin-off from Johnson & Johnson.