TOMS Capital Advocates for Kenvue Sale After Stake Acquisition
(Reuters) -Investment firm TOMS Capital Investment Management has amassed a stake in the Band-Aid maker Kenvue and is pushing the company to consider a full sale or separation of some assets, Bloomberg News reported on Sunday, citing people with knowledge of the matter.
It was not immediately clear the extent of the hedge fund's total stakeholding in Kenvue.
Kenvue, previously a part of Johnson & Johnson, settled a four-month battle with activist investor Starboard Value earlier this month by appointing three new directors to its board as part of an agreement.
Starboard Value built a stake in Kenvue in October, sparking criticism over the lackluster performance in the skin health and beauty segment, which houses brands such as Neutrogena and Aveeno.
TOMS Capital declined to comment and Kenvue did not immediately respond to a Reuters request for comment, while a spokesperson for Kenvue told Bloomberg News, "Kenvue's board and management team are committed to acting in the best interests of the company and all shareholders and we remain focused on accelerating sustainable, profitable growth and enhancing shareholder value."
(Reporting by Kritika Singh in Bengaluru; editing by Diane Craft)
