Kenvue CEO and board member Thibaut Mongon has stepped down on Monday, as company director Kirk Perry is named interim CEO.BRENDAN MCDERMID/Reuters
Kenvue KVUE-N has fired CEO Thibaut Mongon, who has also stepped down from the board, the consumer health company said on Monday, marking its second major executive shake-up this year amid mounting investor pressure to boost performance.
Shares of the Tylenol and Band-Aid maker rose about three per cent in early trading after it named director Kirk Perry as interim CEO. Perry, who worked at Procter & Gamble PG-N for 23 years, most recently served as CEO of technology and data analytics firm Circana.
Spun off from Johnson & Johnson JNJ-N in 2023, Kenvue has been working to shore up profitability, especially in its skin-health and beauty unit, which includes brands like Neutrogena and Aveeno. The company in May also replaced CFO Paul Ruh with Kellanova’s K-N Amit Banati.
In May, the company forecast its annual profit would be flat year-over-year as the consumer health firm anticipates a $150-million impact from tariffs.
“This change in leadership does not come as a surprise to us (and most likely many investors) given the company’s fundamental performance,” said RBC Capital Markets analyst Nik Modi.
Investors such as Toms Capital has previously called for Kenvue to consider strategic alternatives, including a possible sale of the entire company or portions of it, Reuters had reported, citing sources familiar with the firm’s engagement.
Kenvue’s board has already launched a strategic review, which will include examining options to simplify operations and potentially sell off certain brands, the company said on Monday. A special panel, advised by Centerview Partners and McKinsey, will oversee the process.
The company was already exploring the sale of some of its skin health and beauty brands, Reuters reported in June. Modi said the odds were now higher that Kenvue would sell some large brands and streamline its beauty portfolio.
Kenvue also expects to post adjusted EPS of 28–29 cents for the quarter ended June 29, the company said Monday, in line with analyst estimates compiled by LSEG, ahead of its August 7 results and 2025 forecast update.