Starboard Value Nominates Five Directors to Kenvue’s Board

Starboard Value LP has privately nominated five candidates to the board of Kenvue Inc., the maker of Tylenol that spun out of Johnson & Johnson last year, according to people familiar with the matter.

Starboard and Kenvue have been in discussions about the company’s struggles, said the people, who asked to not be identified because the matter isn’t public.

Starboard, led by Chief Executive Officer Jeffrey Smith, disclosed the firm’s stake in Kenvue in October at an investor conference, saying at the time that the company was undervalued in comparison to peers despite having better brands. Other products include ...