11:19 AM EST, 02/05/2025 (MT Newswires) -- (Updates with Kenvue's ( KVUE ) statement in the fifth paragraph.)

Kenvue ( KVUE ) activist investor Starboard Value has nominated four candidates for Kenvue's ( KVUE ) board ahead of the company's 2025 annual meeting, according to a US Securities and Exchange Commission filing Wednesday.

The hedge fund and its affiliates, which hold about 22 million shares, cited concerns over financial performance and governance, claiming that Kenvue ( KVUE ) has missed financial targets, lost market share, and failed to capitalize on its brand portfolio.

Starboard said it tried to engage with Kenvue's ( KVUE ) leadership multiple times since October 2024.

"We are deeply concerned that the Board's continued complacency and deference to management will jeopardize the tremendous value creation opportunity we believe is possible at Kenvue ( KVUE )," according to the filing.

Kenvue ( KVUE ) said Wednesday that its board has been assessing Starboard's nominations and will provide a "formal recommendation in due course."

Price: 20.66, Change: -0.15, Percent Change: -0.71