Starboard Value LP

Money Moves

As of May 2026: 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. In less than three years, Kimberly-Clark and Kenvue shareholders approved a $48.7 billion acquisition absorbing Kenvue into Kimberly-Clark, the Kleenex and Huggies maker—with 96% and 99% voting in favor. On January 30, 2026, The Lancet published a study finding no evidence linking acetaminophen use during pregnancy to autism, contradicting Trump administration concerns that sent Kenvue's stock tumbling in late 2025.

Updated May 23