Kenvue (KVUE) on Wednesday named three new members to its board as part of a cooperation agreement with activist investor Starboard Value.
Under the agreement, Starboard will withdraw its slate of nominated director candidates and vote all of its shares in favor of Kenvue board nominees, the companies said.
Starboard's additions to the Kenvue board include its chief executive Jeffrey Smith; Erica Mann, former head of Bayer's consumer health division; and Sarah Hofstetter, president of e-commerce analytics company Profitero.
Smith began a proxy fight with Kenvue, the former consumer healthcare division of Johnson & Johnson (JNJ) in February, attempting to place four new members on the company's board in a bid to improve its operations and stock performance.
Kenvue shares were more than 2% lower in recent trading.
Price: 22.91, Change: -0.52, Percent Change: -2.20
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