Kenvue Inc (KVUE) and Starboard Value LP Enter into Cooperation Agreement
Key Summary: On October 20, 2024, Starboard issued an investor presentation discussing Kenvue Inc.'s recent performance and strategic positioning after its spin-off from Johnson & Johnson. On February 5, 2025, Starboard filed proxy materials seeking support for its nominees. On March 5, 2025, Kenvue appointed Sarah Hofstetter, Erica Mann, and Jeffrey Smith to its Board as part of a cooperation agreement with Starboard.
Market Cap: $44 billion | Kenvue Inc. operates as a consumer health company worldwide.
- On October 20, 2024, Starboard issued an investor presentation discussing Kenvue Inc.'s recent performance and strategic positioning after its spin-off from Johnson & Johnson. The presentation highlighted Kenvue's strong brand portfolio and growth potential in consumer health markets while noting that its stock had underperformed since the IPO. Starboard identified issues in Kenvue's Skin Health and Beauty segment, which lagged behind competitors in growth and profitability, and argued for a renewed focus on execution to improve overall performance.
- On February 5, 2025, Starboard nominated four director candidates for election to the Board at the upcoming AGM. Source
- On March 5, 2025, Kenvue appointed three new directors: Sarah Hofstetter, Erica Mann, and Jeffrey Smith. These appointments, part of a cooperation agreement with Starboard, expand the Board to 14 members temporarily, reducing to 13 after the 2025 Annual Meeting. Starboard will withdraw its director slate and vote for Kenvue's nominees.
Member discussion