Kenvue Shakes Up Leadership as Profits Lag

CEO Steps Down Amidst Investor Pressure

Kenvue, the company behind popular brands like Tylenol and Neutrogena, is experiencing significant changes. Thibaut Mongon, the CEO, has stepped down, marking the second major leadership change in a short period. The company is under pressure from investors to enhance its performance, particularly in the skin care and beauty products sector.

New Interim CEO Appointed

Kirk Perry, a former executive from Procter & Gamble, has taken over as the interim CEO. Perry brings extensive experience in the consumer goods industry. Kenvue, which was spun off from Johnson & Johnson last year, has been struggling to boost profits.

Strategic Review and Potential Brand Sales

The company is currently reviewing its options, which may include selling some of its brands. Larry Merlo, the board chair, stated that they are exploring ways to simplify the company's portfolio. This could involve divesting certain products or altering their operations.

Financial Performance and Forecast

Kenvue is expected to report earnings of 28 to 29 cents per share for the last quarter. Analysts predict a profit of 28 cents when the company releases its second-quarter results. Additionally, Kenvue will provide an update on its forecast for 2025.