Hedge Fund Starboard Value Nominates Directors to Kenvue Board
Starboard Value, a hedge fund, has nominated four directors, including its chief investment officer, to join the board of Kenvue, a consumer products company. The nominations were made public in a regulatory filing on Wednesday.
According to the filing, Starboard initially contacted Kenvue in December to propose the nominations. Since then, Starboard has had multiple discussions with Kenvue's board chair, Larry Merlo, regarding the matter.
"We believe stockholders deserve a Board that demands accountability and is committed to taking proactive measures with the best interests of stockholders in mind at all times," Starboard stated in the filing.
Kenvue has yet to comment on Starboard's nominations.
Starboard, along with its affiliates, holds approximately 22 million shares of Kenvue, as per the filing. The activist investor had previously expressed concerns about the underperformance of Kenvue's skin health and beauty segment.
Since its initial public offering on the New York Stock Exchange in May 2023, Kenvue's stock has declined by 21%.