SUMMIT, N.J. — Consumer health company Kenvue has removed CEO Thibaut Mongon from his role, marking the second major executive departure this year as investor calls for improved performance grow louder. Mongon has also resigned from the board of directors.
Board member Kirk Perry has been named interim CEO. Perry brings more than two decades of leadership experience from Procter & Gamble and most recently served as CEO of analytics firm Circana.
The leadership change comes amid strategic uncertainty for Kenvue, the maker of brands like Tylenol, Band-Aid, Neutrogena, and Aveeno. Since spinning off from Johnson & Johnson in 2023, the company has faced profitability challenges, particularly in its skin health and beauty unit.
Perry’s appointment could signal bigger moves ahead. “The appointment of Perry increases the chance of a sale of a part or all of the portfolio,” said Canaccord Genuity analyst Susan Anderson, speaking to Reuters.
This follows the May departure of CFO Paul Ruh, who Amit Banati replaced from Kellanova. Activist investors, including Toms Capital, have been pressuring Kenvue to consider a full or partial sale to unlock value.
Kenvue has formed a special board committee, advised by Centerview Partners and McKinsey & Co., to explore simplifying its portfolio and potentially divesting underperforming brands. Reuters reported in June that a sale of some skin health and beauty assets was already under consideration.
RBC Capital Markets analyst Nik Modi called the leadership change unsurprising, adding that divestitures now appear more likely. “This change in leadership does not come as a surprise to us (and most likely many investors) given the company's fundamental performance.”
Ahead of its August 7 earnings report, Kenvue said it expects second-quarter adjusted earnings of $0.28 to $0.29 per share, in line with analyst expectations. The company is also expected to issue a 2025 outlook update next month.
