Johnson & Johnson’s consumer health spinout Kenvue is quickly amassing a track record of being a target for activist investors. Just after relenting in a brewing fight with Starboard Value, the company already has another activist investor on its tail.  

TOMS Capital Investment Management is the latest to advocate for change at the Johnson & Johnson spinout after picking up a stake in the company, Bloomberg reported, citing people with knowledge of the matter.

While Starboard sought seats on Kenvue’s board to unlock “trapped potential” at the company, TOMS is specifically pushing for a full sale or separation of some assets, according to Bloomberg.

While Kenvue does not comment on individual investor discussions, the company’s board and management 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,” a spokesperson told Fierce Pharma in an emailed statement.

Kenvue’s shares are currently trading at just over $23. Upon its debut, the consumer health drugmaker’s $41 billion IPO was the largest in U.S. markets in more than a year, with shares initially priced at $22 each.

Earlier this month, the company and Starboard Value came to a “cooperation agreement” that allowed Starboard CEO Jeffrey Smith to immediately join the board at Kenvue. Along with Smith, two other appointments in Sarah Hofstetter, president of e-commerce analytics company Profitero, and Erica Mann, Bayer's former consumer head, were named to the now 14-director-wide board effective immediately. 

The agreement stipulated that the board will be reduced to 13 people at the company’s annual shareholder meeting, during which Starboard will vote all of its roughly 22,000 shares in favor of each of Kenvue’s board nominees through a “customary” standstill agreement that also required Starboard to withdraw its slate of proposed candidates.

Standstill provisions typically cover issues such as stock purchases and shareholder voting rights as part of corporate takeover attempts.

Kenvue hailed the new insight from the new directors as “very beneficial,” chairman Larry Merlo said at the time. The company is known for its popular household brands such as Band-Aid bandages, Listerine mouthwash and pain reliever Tylenol but missed its 2024 net sales growth expectations of 1% to 3% and instead reported 2024 sales growth of just 0.1%. For 2025, Kenvue expects a net sales change of -1% to +1% compared with last year.

Starboard previously pointed out the company’s “persistent disappointing and deteriorating financial results” in a proxy statement.