Kenvue Seeks Its Own Band-Aid With CEO Departure and Strategic Review. The Stock Rises.

Kenvue, the owner of Band-Aid and Tylenol, said it had appointed director Kirk Perry as interim CEO, effectively immediately. (Patrick T. Fallon/AFP via Getty Images)

Kenvue said Monday that its board was taking steps to realize shareholder value and allow the company to “reach its full potential,” including the appointment of a new CEO.

Shares rose 1% after the owner of the Band-Aid and Tylenol brands named Kirk Perry as interim CEO, effective immediately. Perry, a current Kenvue director, takes over from Thibaut Mongon, who has left the company, Kenvue said.

The company added that its board had formed a committee to oversee a review of strategic alternatives it had begun earlier, including optimizing the company’s brand portfolio “to accelerate profitable growth and unlock the inherent value in Kenvue.”

Kenvue spun off from Johnson and Johnson in 2023, and was formerly considered its consumer healthcare division. Shares began trading on the New York Stock Exchange in May of that year and were added to the S&P 500 index that August.

The company indicated at the time of its latest earnings report in May that it was grappling with macroeconomic uncertainty. Former CEO Mongon noted on a call with analysts that the company was taking steps to mitigate the impact of tariffs, such as optimizing its supply chains and accelerating alternate sourcing.

“Even with these mitigation actions, we will face higher-than-previously-anticipated costs for imported products and components and we’ll not be able to absorb the full impact this calendar year,” Mongon cautioned.

Kenvue shares have gained 1% this year and 19% over the past 12 months.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com