Starboard has sizable stake in Kenvue, wants changes, WSJ reports

Starboard Value has a sizable stake in Kenvue (KVUE) and wants the company to make changes to boost its share price, Lauren Thomas of Wall Street Journal reports, citing people familiar with the matter. Starboard believes Kenvue has some of the best consumer brands in its industry despite the stock’s underperformances, sources told the Journal. The exact size of Starboard’s position in Kenvue and specific ideas couldn’t be learned, the paper added. Starboard CEO Jeff Smith is set to appear Tuesday at the 3D Monitor Active-Passive Investor Summit and is expected to detail the firm’s thesis on Kenvue then, the people said.