Mongon Steps Down as Kenvue Navigates Strategic Review

Kenvue states that Thibaut Mongon is stepping down as CEO as the manufacturer of Listerine and Band-Aid brands proceeds with a strategic evaluation of the company.

Kenvue was formerly part of Johnson & Johnson In late 2021, J&J declared that it was divesting its consumer health unit selling off its consumer healthcare segment disposing of its consumer health business restructuring its consumer health department moving away from its consumer health operations phasing out its consumer health division shifting focus from its consumer health section liquidating its consumer health arm discontinuing its consumer health line transferring ownership of its consumer health group to enhance agility within the pharmaceutical and medical equipment sections.

On Monday, Kenvue announced that board member Kirk Perry would take over as acting CEO, starting right away. Perry has been a member of the board since December and previously held the position of CEO at Circana, which offers market research services. He worked for Procter & Gamble for over two decades in different capacities.

Kenvue mentioned that it remains engaged with its strategic review committee to examine potential opportunities for the business.

"The Board is currently conducting a strategic review, exploring various possible options, such as methods to streamline the Company's operations and portfolio," stated Chairman Larry Merlo in a release.

Kenvue shared initial findings for its second fiscal quarter. The firm expects an adjusted profit between 28 cents and 29 cents per share. According to analysts surveyed by FactSet, earnings are projected at 28 cents per share.

Kenvue plans to release its complete quarterly financials on August 7 and mentioned that it will update its annual forecast at that time.

Stocks increased over 4% prior to the market opening.