Activist investors make Wall Street 'efficient': Starboard CEO

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• The Kenvue management team may not be best suited to create value after the J&J spinoff

  80% confidence

• The complete board replacement at Darden was the only time it's ever been done for a Fortune 500 company and won't be done again

  80% confidence

• The Kimberly-Clark and Kenvue organizational structures overlap beautifully with similar geographic P&L structures

  80% confidence

• Kenvue has the best brands in consumer health but had lower margins, growth rate, and multiples than peers

  80% confidence

• Starboard Value was a $3 billion hedge fund when it moved on Darden in December 2013

  80% confidence

• Salesforce is going to be an AI beneficiary and is still focused on profit margins

  80% confidence

• Kimberly-Clark is further along than Kenvue in digital and newer marketing transitions

  80% confidence

• The fit between Kimberly Clark and Kenvue is probably better than people think

  80% confidence

• Corporate America has been more active than before Starboard started, making changes faster due to activism

  80% confidence

• The biggest impact of activism is lighting a fire under management teams to do more faster than they would have otherwise

  80% confidence

• Salesforce's rule of 40 score has improved materially since Starboard's engagement

  80% confidence

• Activism is going to make the overall market more efficient

  80% confidence

• Darden had better brands and assets than peers but worse margins and multiples when Starboard invested

  80% confidence

• Dealing with COVID was massively stressful for portfolio management and overall operations

  80% confidence

• There is no big change in brand trust affecting Tylenol sales despite autism concerns

  80% confidence

• Starboard Value oversees more than $9 billion today

  80% confidence