Proxy Fight Resolution

Kenvue has reached an agreement with activist investor Starboard Value to resolve a proxy fight. Key terms of the settlement include:

• The appointment of three new directors to Kenvue’s board:
  • Jeff Smith from Starboard Value
  • Two independent directors
• The agreement marks a significant development for Kenvue, which has faced pressure from Starboard to make changes to its leadership and strategy

Board Composition Update

As a result of the settlement, Kenvue’s board composition will change. The addition of new directors is expected to bring fresh perspectives and expertise to the company.

Share Price Impact

Following the announcement, Kenvue’s share price declined. The exact reasons for the decline are unclear, but the settlement’s impact on the company’s future prospects remains uncertain.