Kenvue announced Monday that CEO Thibaut Mongon is stepping down from his leadership role as the consumer health company continues its strategic review process. The maker of well-known brands including Listerine and Band-Aid has appointed board member Kirk Perry as interim CEO, effective immediately.
Leadership Transition
Perry brings extensive consumer goods experience to the role, having most recently served as CEO of Circana, a market research provider. His background includes more than 20 years at Procter & Gamble in various leadership positions. Perry has served as a Kenvue director since December.
The leadership change comes as Kenvue works with its strategic review committee to explore various options for the company's future direction.
Strategic Review Process
Chair Larry Merlo outlined the scope of the ongoing strategic evaluation in a statement: "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 how it operates."
The strategic review represents a significant milestone for Kenvue, which was spun off from Johnson & Johnson following J&J's late 2021 announcement to separate its consumer health division from its pharmaceutical and medical device operations. The split was designed to make each division more agile and focused on their respective markets.
Financial Performance
Kenvue provided preliminary second-quarter financial guidance alongside the leadership announcement. The company anticipates adjusted earnings in the range of 28 to 29 cents per share for the fiscal second quarter. This guidance aligns with analyst expectations, as FactSet polling shows analysts expect earnings of 28 cents per share.
The company is scheduled to report complete quarterly results on August 7, at which time it will also revise its full-year outlook. Market response to the announcement was positive, with shares rising more than 4% in pre-market trading.
Company Background
Kenvue operates as an independent consumer health company following its separation from Johnson & Johnson's broader healthcare portfolio. The company's brand portfolio includes household names in oral care, wound care, and other consumer health categories that were previously part of J&J's consumer division.
