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Investing.com -- Hedge fund Starboard Value has nominated four directors for positions on the board of consumer products company Kenvue (NYSE:KVUE), according to a regulatory filing revealed on Wednesday. The nominees include Starboard’s Chief Investment Officer and three industry professionals with a wealth of experience in the consumer products, retail, and healthcare sectors.
Starboard initially approached Kenvue with its nominations in December, and has since had several interactions with the company’s board chair, Larry Merlo, to discuss the nominations. The hedge fund, which alongside its affiliates owns approximately 22 million shares of Kenvue, believes that the company’s board should be committed to accountability and proactive measures that prioritize stockholders’ best interests.
The hedge fund has previously pointed to the lackluster growth of Kenvue’s skin health and beauty segment as a reason for the company’s stock underperforming. Since Kenvue’s debut on the New York Stock Exchange in May 2023, the company’s shares have fallen by 21%.
Starboard’s nominees include Michelle Millstone-Shroff, Cara Robinson, Bindu Shah, and Jeffrey C. Smith. Millstone-Shroff has served as a Senior Advisor at McKinsey & Company since April 2019 and has held various positions at Bed Bath & Beyond Inc (OTC:BBBYQ). Robinson has previous experience as the Chief Executive Officer of Beauty & Wellbeing, North America of Unilever (LON:ULVR) plc and Sundial Brands, a personal care products subsidiary of Unilever plc. Shah is the Executive Vice President, Global Chief Marketing Officer & Chief Digital Officer of Tory Burch LLC. Smith is a Managing Member, Chief Executive Officer, and Chief Investment Officer of Starboard Value LP.
The move to nominate new directors is part of Starboard’s efforts to unlock Kenvue’s potential and boost its financial performance. The hedge fund believes that Kenvue has the potential to be a leading consumer health company due to its strong brand portfolio and market position.
The current board of Kenvue is composed of eleven directors, all of whom are up for re-election at the company’s upcoming 2025 Annual Meeting of Stockholders. Starboard is soliciting proxies to elect not only its four nominees but also seven of the company’s nominees whose election it does not oppose. The hedge fund encourages stockholders to vote in favor of its nominees, who it believes are most qualified to serve as directors.
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