The 2023 separation of Johnson & Johnson’s consumer health business into a standalone S&P 500® company, Kenvue Inc., marked a significant milestone in corporate restructuring. It was not just a complex business transaction but also a defining moment for both companies, bringing iconic brands like Tylenol®, Listerine®, BAND-AID® Brand and Neutrogena® to a new home and into a new chapter in their history. The Debevoise Women’s Review recently spoke with Kenvue’s Transactions Legal team—Chris Andrew, Isabella Wezdecki, Suzie Alway, Morgan Bush and Karice Rhule—who shared insights into the separation process, their roles in Kenvue’s Legal & Compliance group and Kenvue’s culture.
The Separation
In speaking about his journey steering Kenvue through the separation, Chris described the process as both a “dream come true” and a “challenge” for an M&A lawyer. The team tackled a wide range of complex tasks over the course of nearly two years, including preparing separation agreements and IPO documentation, setting up a credit facility and issuing debt, developing a new organizational structure and creating a new Legal & Compliance function to support Kenvue. Isabella spoke about the massive scale and complexity of the separation, stating that the “disentanglement was monumental” since “our consumer products are products that people across the world recognize and use in daily rituals to care for themselves and their loved ones.” Despite extensive planning, the team noted that they often ran into hurdles as they translated separation principles and applied transition support models in a consistent way across multiple countries where the companies operated. The team asserted: “These agreements will keep giving for years to come!”
The separation also fostered unexpected camaraderie for Kenvue’s Transactions Legal team. Karice remarked that although the team was familiar with global transactional work, the sheer magnitude of the separation brought unprecedented collaboration across regions: “Cross-border transactions and matters were by no means new to us, but this project was unmatched in scale, complexity and geographic reach. We were constantly exposed to new customs and work styles, and that was an unexpected and enriching part of the experience.”
Of course, once Kenvue became an independent public company, the real challenge began: ensuring full separation from their parent company, establishing and optimizing Kenvue’s capabilities, and ensuring Kenvue’s future operational success.
Living Kenvue’s Purpose
Kenvue’s purpose to “realize the extraordinary power of everyday care” guides not only its consumer interactions but also its internal culture: “It does deeply affect how we work and interact with each other. It’s not just for the outside world; we take that purpose to heart,” Karice explained.
Karice talked about how the company’s values and behaviors set expectations for employees at an individual as well as at an organizational level. Such initiatives have helped reinforce the team’s “owner mindset,” which is one of Kenvue’s core tenets, and have “set the expectations of what we need to do to succeed both personally and as a company. Our values, behaviors, and commitments empower us to help the company grow while strongly taking charge of our careers.”
The team reflected on the emotional connection employees feel toward Kenvue’s products, be it Aveeno® or Tylenol®, and its lasting impact on consumers, which informs the team’s commitment to their work. Morgan emphasized Kenvue’s vast and consistent global impact and noted that it has been rewarding to work for a company whose products reach approximately 1.2 billion people daily: “Our team, working with our chief growth officer and head of corporate development, helps guide decisions that impact the whole company, which ultimately impacts consumers across the world because of the reach of our products.”
Creating an Empowered M&A Team
In a field where men have been traditionally more visible, Kenvue’s Transactions Legal team stands out for its female representation and strong allyship. The team noted women’s strong presence in leadership roles across Kenvue’s legal, corporate development, finance and treasury functions and believe the company’s supportive and flexible working environment plays an important role in making that happen. Isabella pointed out that she—like many women who are primary caretakers at home—must be adept at juggling numerous tasks and responsibilities both personally and professionally and often relies on a support system of extended friends and family. This skillfulness and resourcefulness, she noted, lends itself to managing complex M&A deals where the deal team must operate collaboratively to manage and to problem-solve dozens of issues around any given transaction.
The team also credited mentorship as a critical factor in their success. They have benefited from both formal and informal mentors throughout their careers. Suzie and Karice mentioned that having the support of Kenvue’s business partners and more senior members of the Legal & Compliance team during difficult negotiations can make a big difference. Suzie reinforced the rewarding nature of working for an organization and a team where “we are valued for who we are, how smart we are, and how dedicated we are to the organization.” Suzie and Chris, former Debevoise associates, also mentioned that there were outstanding women partner mentors during their time at Debevoise that provided development opportunities for associates, and that this favorably impacted their practice as well.
Morgan discussed the strong value of working with multiple mentors who can offer different perspectives, as well as being open to mentoring others: “I think it’s important too to keep yourself open to being a mentor to other people. I still have a lot more to go in my career, but I’ve already seen a lot and experienced a lot and have a lot of information to share with people who are behind me on the path.” Karice echoed this, and the team praised Chris as a manager, mentor and ally who “embodies Kenvue’s values” and “has their backs.”
Collaboration over Competition
Kenvue’s culture was a recurring highlight in the discussion. As Suzie explained, the Transactions Legal team fosters a culture of collaboration and recognizes that there are different ways to get a deal done, unlike some high-stakes environments where competition prevails. Suzie underscored that “We’re not robots where we are expected to do something the exact way it might have been done before; we respect each other’s differences and work styles and recognize those differences may actually be better.” Morgan explained the importance of the team’s collaboration: “We rely on each other as a resource. If there’s a question that comes up, or you’re not sure how to handle it, we ask one another, Have you seen this before? What do you think about this? How should we get this done?” She added that the team’s social events, often coordinated by her, have helped build team member connections beyond work (and unexpected bonding over marshmallows!).
Isabella offered a creative perspective on working across differences: “Sometimes when there are differences, the way to resolve them is to look first at the science or the shared facts. Oftentimes I’ll say, are we disagreeing about the facts or do we just see and interpret things differently? I think this approach is also helpful in finding common ground during difficult negotiations.”
The shared experience of building Kenvue has further strengthened the team’s bonds. As Chris reflected, “Going through the separation [from Johnson & Johnson] brought us closer as a team. We’ve gotten to know each other much better in the last two and a half years than in years prior.”
Advice
When asked about career advice, the team shared insights rooted in their experiences. For Chris, “Success comes from making others look good. Collaboration reflects well on everyone.”
Isabella’s tips to those thinking about next steps in their career was to “be open to a non-linear career path” even if it means diverging from traditional routes: “Having an adventurous spirit and a willingness to explore different development paths is probably a good mindset these days.”
Suzie stressed the importance of finding supportive mentors who understand your role and can steer your career trajectory and paying it forward: “Your greatest success is when the people that you work with, especially the people that you manage, succeed.”
As Kenvue continues to grow, the team remains committed to its mission of care, both for consumers and each other. Through their work, Kenvue’s Legal & Compliance group demonstrates how a culture of care can extend beyond products, shaping relationships, careers and lives.
The Kenvue Transactions Legal Team (from left to right): Isabella Wezdecki, Suzie Alway, Chris Andrew, Karice Rhule and Morgan Bush.
Tanaya Sanyal is an associate in Debevoise’s New York office.
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