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2022
Johnson & Johnson spun off consumer business into new company
On September 28, 2022, Johnson & Johnson announced that after separating the pharmaceutical and medical device businesses, consumer products under brands such as Tylenol and Listerine would be sold by a new company called Kenvue.
Johnson & Johnson, the world's largest drugmaker, announced the name as a corporate identification of its planned separation, which would create a separate company from J&J's pharmaceutical and medical device business in 2023.
J&J had been planning the spin-off since November 2021, when it announced its intentions to split into two and create a large and independent consumer health products company. The split should boost the market value of each of the halves and is expected to be completed in 2023.
The new company's name followed several moves by J&J to appoint Kenvue management. In August 2022, J&J appointed Larry Merlo, the former CEO of CVS Health, as Kenvue's chairman. In May 2022, Thibaut Mongon was appointed CEO of the new company and Paul Ruch as chief financial officer.
The new company will be called Kenvue, J&J said, explaining that in Scotland "ken" means knowledge and "vue" means vision. The new name brings the consumer drug company one step closer to official independence. The name, according to J&J, is "inspired" by two meanings: "ken," an English word meaning knowledge, and "vue," meaning vision.
J&J's consumer business revenues in 2021 amounted to almost $15 billion, led by brands such as Tylenol and Band-Aid, as well as Neutrogena, Aveeno and Listerine. This spin-off follows similar steps taken by other major pharmaceutical companies in recent years. Pfizer, Merck and Novartis have spun off consumer or general-purpose products units in a bid to create specialized drug development organizations.[1]
Thibaut Mongon - CEO of Johnson & Johnson Consumer Health
On May 11, 2022, it became known that Johnson & Johnson appointed Thibaut Mongon as chief executive officer of the consumer health division, which the pharmaceutical giant is separating into a separate company. Read more here.
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