Thibaut Mongon, CEO of Kenvue Inc. a Johnson & Johnson consumer-health business, speaks during an interview with CNBC during his company’s IPO at the New York Stock Exchange (NYSE), May 4, 2023.
Brendan McDermid | Reuters
Kenvue CEO and board member Thibaut Mongon has stepped down, it said on Monday, in the second big executive change at the consumer health company amid a push by activist investors to boost performance.
Shares of the Tylenol maker rose 3.3% in premarket trading as it named company director Kirk Perry as interim CEO. The company in May had replaced finance chief Paul Ruh with Kellanova’s Amit Banati.
Perry has previously spent 23 years with Procter & Gamble. He most recently served as president and CEO of Circana, a global provider of technology, data and predictive analytics for the consumer, retail and media sectors.
Kenvue, which was spun off from Johnson & Johnson in 2023, has been looking to improve profitability, particularly in its skin-health and beauty unit, which includes brands such as Neutrogena and Aveeno.
The Band-Aid maker said it had begun reviewing options and has established a committee to oversee the process. The review will consider options, including optimizing its brand portfolio.
“The Board’s strategic review is underway, and we are considering a broad range of potential alternatives, including ways to simplify the company’s portfolio and how it operates,” said board chair Larry Merlo.
The company is exploring the sale of some of its skin health and beauty brands, Reuters reported in June. The review panel is being advised by Centerview Partners and McKinsey & Company.
Kenvue also said it expects to report adjusted earnings per share between 28 cents and 29 cents for the quarter ended June 29.
Analysts expect a profit of 28 cents, according to data compiled by LSEG, when it reports second-quarter results on August 7 and revises its 2025 forecast.
