Kenvue and Starboard Resolve Board Dispute over Skin and Beauty Performance
Kenvue, the consumer health company behind skin care and beauty brands like Neutrogena and Aveeno, has settled a months-long proxy fight with activist investor Starboard Value. As part of the agreement, Kenvue appointed three new directors to its board, including Starboard CEO Jeffrey Smith. The post Kenvue and Starboard Resolve Board Dispute over Skin and Beauty Performance appeared first on Global Cosmetics News.
THE WHAT? Kenvue, the consumer health company behind skin care and beauty brands like Neutrogena and Aveeno, has settled a months-long proxy fight with activist investor Starboard Value. As part of the agreement, Kenvue appointed three new directors to its board, including Starboard CEO Jeffrey Smith.
THE DETAILS
- Starboard’s involvement began last October when it acquired a stake in Kenvue and voiced concerns about the skin health and beauty segment’s weak performance.
- In addition to Jeffrey Smith, Kenvue added two independent directors: Sarah Hofstetter (president of e-commerce firm Profitero) and Erica Mann (former head of Bayer’s consumer health division).
- Starboard will withdraw its board nominees, ending ongoing negotiations that centered on boosting the performance of Kenvue’s iconic personal care portfolio.
THE WHY? By adding new perspectives to its board, Kenvue aims to revitalize its beauty segment and improve returns for shareholders. This resolution underscores growing pressure in the cosmetics and personal care space to optimize brand portfolios and address shifting consumer demands.
The post Kenvue and Starboard Resolve Board Dispute over Skin and Beauty Performance appeared first on Global Cosmetics News.
