11:21 AM EST, 03/05/2025 (MT Newswires) -- 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 ( KVUE ) board nominees, the companies said.

Starboard's additions to the Kenvue ( KVUE ) 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 ( KVUE ), 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 ( KVUE ) shares were more than 2% lower in recent trading.

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