Today, Kenvue announced that CEO Thibaut Mongon will step down amid a strategic review of the company ” to unlock shareholder value and reach its full potential.”
Company shares rose more than 4% following the announcement.
According to Kenvue’s press release, the strategic review “will consider a broad range of potential alternatives, including optimizing the Company’s brand portfolio, while improving execution and enhancing operating performance to accelerate profitable growth and unlock the inherent value in Kenvue.”
Kirk Perry, current Kenvue director, has been named as Interim Chief Executive Officer, effective immediately.
Larry Merlo, Kenvue’s Chair of the Board told investors, “Kenvue has world-class brands in attractive categories and a strong global platform. The actions announced today are to ensure we have the right talent, brand portfolio and operational foundation to fully capitalize on those strengths, accelerate profitable growth and best position the Company for future success.”
“We are very pleased to have a leader of Kirk’s caliber and experience step into the role of Interim CEO to lead Kenvue during this important time,” added Mr. Merlo. “His deep knowledge of the intersection of technology, data and global consumers has already been an asset during his time on the Board and we look forward to Kenvue continuing to benefit from his expertise and leadership in this additional role.”
Interim CEO Perry commented, “I have seen firsthand Kenvue’s many strengths and share the Board’s confidence in the Company’s growth and value creation opportunities. As interim CEO, I am excited to leverage my decades of experience leading businesses across the consumer and technology industries and work with the Board and leadership team to put the business on the strongest footing to deliver on Kenvue’s full potential and realize our goal of top-tier financial performance.”
Kenvue, the maker of Aveeno, BAND-AID, Johnson’s, Listerine, Neutrogena, and Tylenol, is the world’s leading pure-play consumer health company by revenue.
Merlo concluded, “We are considering a broad range of potential alternatives, including ways to simplify the Company’s portfolio and how it operates. At the same time, with the CEO transition and recent appointment of a new CFO, we are aligning leadership expertise to drive the Company forward. We are confident that the steps we are taking put Kenvue on the right path to deliver both near- and long-term value creation for shareholders.”
By CEO NA Editorial Staff
