Kenvue, the consumer health spinout from Johnson & Johnson, has initiated a CEO transition with Thibaut Mongon stepping down and board member Kirk Perry appointed interim CEO. This leadership change is part of a strategic review motivated by a 4% drop in second-quarter sales and pressures from activist investor Starboard Value. The company is considering portfolio simplification and operational realignment to enhance performance and unlock "trapped potential" as it prepares to update full-year sales guidance in August.