Kenvue to lay off 4 percent of global workforce
THE WHAT? Kenvue has announced that it is set to reduce its global headcount by 4 percent as part of a wider efficiency plan. Restructuring costs have been pegged as US$275 million per year for the next two years.
THE DETAILS According to a report published by Bloomberg, the Johnson & Johnson spin off has some 22,000 employees. The company expects to reinvest a portion of the cost savings realized through the restructure.
THE WHY? Chief Financial Officer, Paul Ruh told Bloomberg, “These initiatives will enable Kenvue to adjust its cost structure and ways of working.” The markets clearly approved of the plan; shares in the Aveeno owner climbed 4 percent on the back of the news.
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