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Kenvue settles proxy fight with activist Starboard, sources tell CNBC

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Kenvue CEO Thibaut Mongon at the New York Stock Exchange for its initial public offering, May 4, 2023.

Source: NYSE

Kenvue settled its proxy fight with activist Starboard Value, sources tell CNBC’s David Faber.

Starboard’s Jeff Smith will join the board of the Johnson & Johnson spinoff, along with two new independent directors not affiliated with the activist, sources said.

Kenvue is the maker of iconic brands familiar to both investors and the broader public, such as Aveeno, Band-Aid, Listerine, Neutrogena, Tylenol and J&J’s namesake baby powder and shampoo. J&J completed its separation from Kenvue in August 2023, but the pharmaceutical company still holds a stake in the consumer goods giant.

Sources told CNBC in October that Starboard amassed a significant stake in the company and expressed disappointment in its management and share-price performance.

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