Form 4: Kenvue Inc. Director Jeffrey C. Smith Reports Changes in Beneficial Ownership

Director Jeffrey C. Smith reports acquisition of deferred share units and indirect ownership of common stock in Kenvue Inc.

Summary

• On March 5, 2025, Jeffrey C. Smith, a director of Kenvue Inc., reported changes in his beneficial ownership of the company's securities.
• Smith indirectly owns 22,054,000 shares of Kenvue Inc. common stock through Starboard Value LP.
• He also acquired 1,690 Deferred Share Units (DSUs) under the Issuer's Amended and Restated Deferred Fee Plan for Directors.
• These DSUs will be settled in shares of Kenvue's common stock upon termination of his directorship, with each DSU representing one share.
• Smith disclaims beneficial ownership of the shares held by Starboard Accounts except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing reporting changes in beneficial ownership, with neutral sentiment.

Future Outlook

The DSUs will be settled in shares of Kenvue's common stock upon termination of Smith's directorship.

Management Comments

• The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

Industry Context

This filing is a routine disclosure related to changes in beneficial ownership by a company insider, as required by the SEC.

Key Dates