Thibaut Mongon is stepping down as CEO of Kenvue as the company undergoes a strategic review. Kenvue, formerly part of Johnson & Johnson, split from the pharmaceutical division in late 2021 to enhance agility. Board member Kirk Perry is now interim CEO, with a background in market research and Procter & Gamble.

Kenvue is actively exploring options with its strategic review committee, aiming to simplify its portfolio and operations. The company revealed preliminary results for the fiscal second quarter, projecting adjusted earnings of 28-29 cents per share, in line with analyst expectations. Full quarterly results will be disclosed on Aug. 7, prompting a revision of the full-year outlook.

Shares of Kenvue surged over 4% before the market opened, reflecting positive investor sentiment in light of the CEO transition and strategic review. Chair Larry Merlo emphasized the board’s commitment to evaluating a wide range of alternatives to drive the company’s growth and streamline operations.

Read more at Yahoo Finance: Kenvue CEO Mongon leaves the consumer health company as it continues its strategic review