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The basics:

• CEO Thibaut Mongon departs; Kirk Perry named interim leader
• Board launches strategic review to explore business options
• Perry brings 30+ years of global CPG, tech experience
• Move follows layoffs, Fortune 500 debut, HQ opening in Summit

Kenvue announced a major change at the top July 14, along with actions to “unlock shareholder value and reach its full potential.”

CEO Thibaut Mongon has departed the Summit-based company and also stepped down from the board. Meanwhile, the board appointed Kirk Perry as interim CEO, effective immediately.

Perry joined the Kenvue board of directors in December. The seasoned consumer products and brand strategist brings more than 30 years of global consumer-packaged goods, technology as well as business transformation experience. He most recently served as president and CEO at Circana.

The board also announced it will advance an ongoing comprehensive review of strategic alternatives. They will consider a broad range of options.

Company confidence

“Kenvue has world-class brands in attractive categories and a strong global platform,” said Larry Merlo, chair of the Kenvue board, in a July 14 press release. “The actions announced today are to ensure we have the right talent, brand portfolio and operational foundation to fully capitalize on those strengths, accelerate profitable growth and best position the company for future success.

“The Board’s strategic review is underway, and we are considering a broad range of potential alternatives, including ways to simplify the company’s portfolio and how it operates. At the same time, with the CEO transition and recent appointment of a new CFO, we are aligning leadership expertise to drive the company forward.”

The announcements come on the heels of several developments for the Johnson & Johnson spinoff. The company debuted on the Fortune 500 list in June and before that officially opened its global HQ in Summit in March. Last month, as NJBIZ reported, Kenvue announced a wave of layoffs.

Perry said he has seen Kenvue’s many strengths firsthand. He added he shares the board’s confidence in the company’s growth and value creation opportunities.

“As interim CEO, I am excited to leverage my decades of experience leading businesses across the consumer and technology industries and work with the Board and leadership team to put the business on the strongest footing to deliver on Kenvue’s full potential and realize our goal of top-tier financial performance,” said Perry.

The right path

Merlo said the board is very pleased to have a leader of his caliber and experience to step into this interim CEO role during this important time.

“His deep knowledge of the intersection of the technology, data, and global consumers has already been an asset during his time on the board and we look forward to Kenvue continuing to benefit from his expertise and leadership in this additional role,” said Merlo. “On behalf of the board, I want to thank Thibaut for his oversight in establishing Kenvue as a standalone company and for his commitment to the organization throughout his tenure.”

Leading executive search firm Heidrick & Struggles will assist in the search for the company’s next CEO.

Centerview Partners and McKinsey & Co. are advising the board and Strategic Review Committee.

Kenvue says it will update shareholders as the strategic review progresses.

Merlo added, “We are confident that the steps we are taking put Kenvue on the right path to deliver both near- and long-term value creation for shareholders.”