Starboard Secures Board Seats in Kenvue Agreement
Deal News | Mar 10, 2025 | Olshan Frome Wolosky LLP
Olshan Frome Wolosky LLP advised Starboard Value LP in reaching a significant agreement with Kenvue Inc., a leading consumer health company, to appoint three new directors to Kenvue's board. The new appointees include Jeffrey Smith from Starboard and two independent directors—Sarah Hofstetter, the President of Profitero, Ltd., and Erica Mann, former President of Bayer's Consumer Health Division. The legal representation for Starboard was led by Andrew Freedman, Co-Managing Partner of Olshan and Chair of the firm's Shareholder Activism Practice, with support from partner Meagan Reda and associates Mark Kiley and Joseph Del Vicario. This strategic move aligns with Starboard's objective of influencing executive decisions within Kenvue, thereby enhancing shareholder value.
Sectors
- Consumer Health
- Financial Advisory
Geography
- United States – Kenvue Inc. is a U.S. publicly traded company on the NYSE, and Olshan Frome Wolosky LLP is based in New York.
Industry
- Consumer Health – Kenvue is noted as the world's largest pure-play consumer health company, making the consumer health industry highly relevant.
- Financial Advisory – Involves Olshan Frome Wolosky LLP providing shareholder activism legal advice to Starboard Value.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Starboard Value LP | Activist Investor | Company | A prominent activist investment fund involved in strategic influence on company boards. |
| Kenvue Inc. | Target Company | Company | The world's largest pure-play consumer health company by revenue. |
| Olshan Frome Wolosky LLP | Legal Advisor | Company | Provided legal services for Starboard Value in the agreement with Kenvue. |
| Jeffrey Smith | Board Member | People | Starboard Value's representative appointed to Kenvue's board. |
| Sarah Hofstetter | Independent Director | People | President of Profitero, appointed as an independent director to Kenvue's board. |
| Erica Mann | Independent Director | People | Former President of Bayer's Consumer Health Division, appointed as an independent director to Kenvue's board. |
| Andrew Freedman | Co-Managing Partner and Legal Advisor | People | Led the legal team from Olshan Frome Wolosky LLP representing Starboard. |
| Meagan Reda | Legal Advisor | People | Partner in the Shareholder Activism practice at Olshan Frome Wolosky LLP. |
| Mark Kiley | Legal Advisor | People | Associate at Olshan Frome Wolosky LLP. |
| Joseph Del Vicario | Legal Advisor | People | Associate at Olshan Frome Wolosky LLP. |