(Reuters) – Hedge fund Starboard Value has actually chosen 4 supervisors, including its primary financial investment police officer, to the board of customer items business Kenvue, a regulative declaring revealed on Wednesday.
Starboard claimed it initially connected to Kenvue in December with its elections, and has actually attached numerous times with the business’s board chair Larry Merlo ever since to review the elections.
“We believe stockholders deserve a Board that demands accountability and is committed to taking proactive measures with the best interests of stockholders in mind at all times,” the bush fund claimed in the declaring.
Kenvue did not promptly reply to a Reuters ask for remark.
Starboard, in addition to its associates, has concerning 22 million shares of the business, according to the declaring.
The activist capitalist has formerly claimed that Kenvue’s skin wellness and appeal sector’s dull development is the factor for the supply’s underperformance.
Shares of the business have actually dropped 21% because their launching on the New York Stock Exchange in May 2023.
(Reporting by Bhanvi Satija in Bengaluru; Editing by Shinjini Ganguli)
