Kenvue Inc. reported a Form 4 insider ownership change for Jeffrey C. Smith, tied to activity dated June 29, 2026, involving the company’s common stock, par value $0.01 per share. The filing was signed on July 1, 2026, by Lindsey Cara as attorney-in-fact for Smith. The filing describes Smith’s reported ownership as largely connected to Starboard Value LP. Starboard serves as investment manager or manager for certain managed accounts and private funds, collectively referred to as the “Starboard Accounts,” which hold the Kenvue securities covered by the report. Because Smith is a Managing Member of Starboard, he may be deemed to beneficially own the securities held directly by those accounts for Section 16 reporting purposes. However, Smith expressly disclaims beneficial ownership of those securities except to the extent of his pecuniary interest. The report also references Deferred Share Units, or DSUs, related to Kenvue director compensation. Each DSU represents the right to receive one share of Kenvue common stock. The DSUs reflect deferred cash compensation under Kenvue’s Amended and Restated Deferred Fee Plan for Directors and will be settled in shares of common stock after Smith separates from service. The filing notes that the reported DSU amount includes DSUs acquired as dividend equivalents. The provided filing text does not include the transaction table that would normally show specific transaction codes, share counts, prices, or post-transaction ownership totals. As a result, the filing indicates an insider ownership update involving Kenvue common stock and DSUs, but the excerpt does not disclose the precise number of shares or DSUs acquired, disposed of, or beneficially owned after the reported June 29, 2026 event.