Kenvue Inc. announced that its board of directors is implementing a set of actions to enable the company to unlock shareholder value and reach its full potential. The board has made a chief executive officer transition and is advancing an ongoing comprehensive review of strategic alternatives.
The board has appointed Kirk Perry as interim chief executive officer, effective immediately. Perry is a current Kenvue director and seasoned consumer products and brand strategist with more than 30 years of global consumer-packaged goods, technology and business transformation experience and a proven track record.
“I have seen firsthand Kenvue’s many strengths and share the board’s confidence in the Company’s growth and value creation opportunities,” said Perry. “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.”
Thibaut Mongon has departed the company and stepped down from the Kenvue board. Leading executive search firm Heidrick & Struggles is assisting in the search for the company’s next chief executive officer.
“Kenvue has world-class brands in attractive categories and a strong global platform,” said Larry Merlo, Kenvue’s chair of the board. “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. 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 its operational structure.
“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.”
“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,” said 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.
“On behalf of the board, I want to thank Thibaut for his oversight in establishing Kenvue as a standalone company and for his commitment to the organization throughout his tenure.”
The board had previously initiated a comprehensive review of strategic alternatives and has established a strategic review committee to oversee the ongoing process. 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.
The board and the strategic review committee are being advised by Centerview Partners and McKinsey & Company. The company plans to update shareholders as the strategic review progresses.
