Starboard Value LP

Money Moves

Holds Kenvue stake; three board seats

Johnson & Johnson spun off its consumer health division as Kenvue in May 2023, creating the world's largest pure-play consumer health company. Less than three years later, shareholders of both Kimberly-Clark and Kenvue have overwhelmingly approved a $48.7 billion acquisition that will absorb Kenvue into the Kleenex and Huggies maker—with 96% of Kimberly-Clark shares and 99% of Kenvue shares voting in favor. On January 30, 2026, The Lancet published a comprehensive study finding no evidence linking acetaminophen use during pregnancy to autism, directly contradicting concerns raised by the Trump administration that had sent Kenvue's stock tumbling in late 2025.

Updated Feb 5