Tylenol parent Kenvue has a new CEO, and he has lots of work to do to mollify activist investors

Two years ago, when Johnson & Johnson announced it was spinning off its consumer brands including Tylenol, Band-Aid, Motrin, Sudafed, and Neutrogena into a new company called Kenvue, investor anticipation was high. The thinking was simple: The company was packed with household names that had room to grow, untethered from all the problems of the J&J mothership.

Kenvue shares rose 22% in their trading debut in May 2023. But the honeymoon was short-lived. Barely 15 months after the spinoff...