DeSantis indicators legislation terminating Disney improvement offers

Gov. Ron DeSantis speaks during a press conference in the Cabinet Room at the end of the 2023 legislative session in Florida on Friday, May 5, 2023.

Alicia Devine | Tallahassee Democrat via AP

Florida Gov. Ron DeSantis signed into law Friday effectively nullifying the development agreements Disney just before the governor selected a new board of directors to oversee the company’s Orlando parks.

The development deals are at the center of the latest battle in a year-long war between Disney, one of Florida’s largest employers, and DeSantis, a Republican likely gearing up for a 2024 presidential campaign.

The governor’s office confirmed the signing of the bill in a press release that offered no further information or comments about the legislation.

The bill, passed by the state’s Republican-majority legislature just a day earlier, follows a vote by DeSantis board members to void the deals, claiming they were unlawfully struck. According to Disney, the contracts were drawn up to secure long-term development plans amid escalating tensions with DeSantis and its allies.

Members of both parties, including Trump, have criticized DeSantis’ fight with Disney.

“This feud between DeSantis and Disney is insane,” Linda Stewart, a Democrat representing Florida’s 13th Senate district, told CNBC. “Every day it seems they want to try other ways to make things harder for Disney, but all they do is cost taxpayers money to hire lawyers to defend what they do. “

Stewart voted against the recent legislation.

Disney sued DeSantis and the board members last week over a campaign of political retaliation led by the governor. The board countered days later.

Disney declined to comment.

The feud began more than a year ago after Disney denounced a Republican-backed Florida law that restricted classroom discussion of sexual orientation and gender ideology and was branded by critics “Don’t Say Gay.”

Shortly thereafter, DeSantis and his allies moved to disband the special tax district that had allowed Walt Disney World to essentially self-govern its own operations since the 1960s.

The 25,000-acre area formerly known as the Reedy Creek Improvement District was ultimately kept intact — but it was given a new name, and its five-member board of directors was replaced with numbers chosen by DeSantis.

In March, the new board accused Disney of making 11 hour deals that undermined its power. Disney says its contacts have been made publicly and that they do not undermine the board’s oversight of the district’s activities.

The company’s state civil lawsuit asks the court to “prevent the state of Florida from arming the government’s power to punish private corporations.”

DeSantis signed legislation voiding Disney’s businesses on the last day of the 2023 Florida legislative session. The governor, who was resoundingly re-elected in November’s midterm elections, is seen as former President Donald Trump’s potential greatest rival for the 2024 GOP presidential nomination.

The Legislature, which has Republican supermajorities in both chambers, has been churning out bills that have helped implement DeSantis’ wide-ranging conservative agenda — with an emphasis on divisive cultural issues that might resonate in a Republican primary race.

DeSantis has continued his attacks on Disney, even as the protracted battle has led some Republicans to question his strategy.

In addition to canceling the development agreements, the Florida legislature passed a measure that would require the state transportation agency to conduct inspections of the Walt Disney World monorails. Stewart said Disney hasn’t had any major safety issues with its monorail system since 2009, when an operator was killed after two of the vehicles collided. She questioned the timing of the new measure.

“It’s so obvious that it’s about retribution,” Stewart said.

Earlier this month, the state board of education approved an amendment to the classroom bill that started the feud with Disney.

CDC director Rochelle Walensky will step down in June

Rochelle Walensky, director of the Centers for Disease Control, leaves the office after speaking before the Senate Committee on Health, Education, Labor and Pensions on the All-Hazards Preparedness Act Thursday, April 4.

Kent Nishimura | Los Angeles Times | Getty Images

CDC Director Dr. Rochelle Walensky announced on Friday that she would step down at the end of June, ending a tenure marked by repeated changes to adjust to an evolving coronavirus crisis.

Walensky gave no specific reason for their departure, but noted in a letter to President Joe Biden that the US is emerging from the emergency of the Covid-19 response.

“The end of the COVID-19 public health emergency marks a tremendous transition for our country, for public health, and in my tenure as CDC director,” Walensky wrote in the letter.

“I took on this role at your request with the goal of putting the dark days of the pandemic behind me and moving the CDC — and public health — to a much better and more trusted place,” she said.

The health emergency in the US ends on Thursday. The World Health Organization declared the end of the global Covid public health emergency on Friday.

Biden thanked Walensky for her service in a statement.

“Dr. Walensky leaves the CDC with a stronger institution that is better positioned to meet health threats and protect Americans,” the president said.

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Walensky acknowledged in August 2022 that the CDC’s response to the pandemic was inadequate. She initiated a reorganization aimed at making the agency more responsive to disease threats and better communicating health advice to the public.

But the CDC still struggles to respond to public health threats because they have limited powers given a fragmented health care system. The agency will have less data to track Covid and new variants when the public health emergency ends because it cannot force states to report this information.

Walensky took charge of the ailing agency in early 2021 as the US rolled out its Covid vaccination campaign. She led the public health agency while the national pandemic response suffered repeated setbacks from the emergence of the Delta and Omicron variants.

Walensky also helped lead the US response to the sudden outbreak of MPOX in the summer of 2022.

She headed the Department of Infectious Diseases at Massachusetts General Hospital and was a professor of medicine at Harvard Medical School before joining the Biden administration. Walensky is an HIV expert.

Younger Thug’s brother arrested after gun deal

Young Thugs older brother Unfoonkwhose real name is quantity grierswas arrested by Young Slime Life (YSL) on a weapons charge just months after accepting a plea in the ongoing RICO case.

Young Thug’s older brother, Unfoonk, was arrested on gun charges months after accepting the YSL-RICO plea deal

On Thursday, Unfoonk was arrested for possessing a firearm as a convicted felon and being linked to a criminal street gang while participating in illegal activities, according to WSB-TV.

The rapper is also facing other minor traffic offenses stemming from this latest arrest.

Unfoonk pleaded guilty in December to RICO law violation and theft by receiving stolen property in connection with the YSL case.

Unfoonk accepted a 12-year sentence with two years already commuted to time served and 10 years probation, reports WSB-TV.

He will do 750 hours of community service and will observe a 10pm to 6am curfew as part of his probation.

He is also prohibited from having contact with his brother, Young Thug, or any of the other YSL defendants until the RICO case is closed.

It’s unclear how his immediate arrest will affect his pleading.

This is the police version of events, which of course is missing some key details used in its defense.

We’ll see what the judge says, but for now, Unfoonk is being held without bond. pic.twitter.com/w9bYg6b5Ex

— YSL RICO UPDATES ひ (@ThuggerDaily) May 5, 2023

The young thug remains behind bars while awaiting trial in the YSL RICO case

His younger brother, Young Thug, remains behind bars while awaiting trial in the RICO case against his record company. Prosecutors claim YSL is a “criminal street gang”.

Thug faces eight charges, including conspiracy to violate the RICO Act and involvement in street gang criminal activity, as well as weapons and drug offenses.

Thug filed a fourth bail request with his attorney Brian Stahlwho said his client was languishing “in county jail,” according to a motion filed April 24.

In the application obtained by 11Alive, Steel says Thugger cannot stay healthy, noting that his client has limited options for healthy eating.

He claims the rapper relies on foods with “zero health benefits” like chocolate and chips.

In addition, the rapper has had little access to fresh air and sunlight since May 2022.

Thug suffers from constant “sleep deprivation” as he only gets five hours of sleep each night. And when he appears in court, he has to get up at 3 or 4 a.m., the outlet reports.

Judge Ural Glanville has not yet ruled on the request.

Thug has maintained his innocence throughout the trial, having been plagued by several issues from the start. This includes the arrest of a lawyer, Anastassios Manettas, representing another defendant in the case.

Jury selection in the YSL-RICO trial is now in its fifth month of hearings.

Trump returns to CNN and assessments CEO Chris Licht’s guidelines

U.S. President Donald Trump looks on during a commercial break during an hour-long live NBC News Town Hall Forum with a group of Florida voters in Miami, Florida, the United States, October 15, 2020.

Carlos Barria | Reuters

When Chris Licht took over as CEO of CNN last year, he made a promise to viewers.

“The analogy I like to use is that some people like rain, some people don’t. We should give it space. But we’re not going to have anyone come and say it’s not raining,” Licht said in an October interview with CNBC.

Licht was talking about CNN guests and panelists spreading disinformation such as voter fraud lies when he made the comment.

On Wednesday, CNN will welcome former President Donald Trump to attend a town hall. This seems to be a case of light bending its own rules. CNN clearly has different standards for Trump than spokespeople for Trump, who cycle through the cable news channels as daily guests.

Trump has repeatedly made false claims that the 2020 election was stolen from him. Hundreds of his supporters violently stormed the US Capitol on January 6, 2021 to prevent Congress from confirming Joe Biden’s victory after Trump told them in a speech: “If you don’t fight like hell, you won’t make a country.” have more .”

CNN vowed to hold Trump accountable during town hall.

“President Trump is the Republican frontrunner, and our job, despite his unique circumstances, is to do what we do best,” a CNN spokesman said. “Ask tough questions, follow up and hold him accountable to give voters the information they need to sort through their choices.”

Invitation from Trump to CNN

Warner Bros. Discovery CEO David Zaslav and board member John Malone have been open about their belief that CNN should be less of an “advocacy network” and more of a lower-midfield news network than what they believed to be at the time Jeff Zucker was in charge Trump’s years as President.

“He should be,” Zaslav said on CNBC’s “Squawk Box” on Friday when asked if he wanted to nominate Trump for City Hall. “He’s the Republican front runner. He has to be there.”

CNN opts for a live town hall rather than a taped interview with Trump, which could then be reviewed before it airs. That would be a safe bet, but live town hall will likely bring higher ratings for CNN, which was bleeding viewers due to program changes.

Trump skewed his media appearances heavily toward Republican-leaning Fox News during his presidency. He attended an NBC town hall hosted by Savannah Guthrie in October 2020.

CNN is taking notes on the event as it prepares for Trump, according to people familiar with the matter. Guthrie has consistently challenged Trump for his propensity to spread false information, once telling him, “You’re the President, you’re not like someone’s crazy uncle.”

The CNN Town Hall will be hosted by Kaitlan Collins, who is co-host of CNN’s new morning show. Collins was CNN’s chief White House correspondent during the Trump administration.

“We have a divided government. We need to hear both voices,” Zaslav said on CNBC on Friday. “Republicans are on the air on CNN and Democrats are on the air on CNN. All voices should be heard on CNN.”

WATCH: CNBC’s full interview with Warner Bros. Discovery CEO David Zaslav

Rep. Colin Allred raises greater than $2 million in first 36 hours of his Senate marketing campaign in opposition to Ted Cruz

Rep. Colin Allred announced that his Senate campaign had raised more than $2 million in a day and a half in its race to defeat Senator Ted Cruz.

Rep. Allred tweeted:

I’ve been part of some incredible teams in my life, but you all have helped me raise over $2 million in just 36 hours since I announced my campaign to represent all Texans.

Together we set a record for this cycle by collecting the most on the first day of a Senate campaign.

— Colin Allred (@ColinAllredTX) May 5, 2023

To add some context, Allred raised as much money in less than two days as Beto O’Rourke raised in the entire first quarter of his Senate campaign against Cruz:

This is almost exactly the first quarter of Beto O’Rourke’s fundraising in 2017. https://t.co/ykT0H4Bky1

— Will Jordan (@williamjordann) May 5, 2023

The 2018 Senate election brought Beto O’Rourke to national prominence when he narrowly lost to Cruz by 2.6 points or 219,000 votes in one of the reddest states in the country.

There are clear signs of trouble for Cruz in his favorability rating, as Texas voters are split 45% to 44% on the incumbent Republican senator’s approval rating.

Senator Cruz (R) has spent the years since he ran against Donald Trump for the Republican presidential nomination in 2016 snuggling up to the former president.

However, Trump has had constant struggles with voters in Texas. According to the April 2023 Texas Polling Project Poll, Trump’s approval rating has eluded all Texas voters (42%-48%), but he remains immensely popular with strong Republicans (86% approval).

It seems that Cruz could be in for another close re-election campaign, and if Allred keeps raising funds, the long-awaited Texas statewide victory has a chance to come true in 2024.

Jason is the managing editor. He is also a White House press pool and congressional correspondent for PoliticusUSA. Jason has a bachelor’s degree in political science. His thesis focused on public policy with a specialization in social reform movements.

Awards and professional memberships

Member of the Society of Professional Journalists and the American Political Science Association

Outcomes from Moderna (MRNA) Q1 2023

Modern on Thursday topped estimates for first-quarter earnings and revenue and posted a surprise quarterly profit despite lower demand for Covid vaccines, the only marketable product.

The biotech posted revenue of $1.9 billion in the first quarter, driven by Covid-shot earnings pushed back from 2022. That’s more than 60% down from the $6.1 billion it recorded in the same period a year ago on a resurgence in Covid cases.

Moderna posted net income of $79 million, or 19 cents a share, for the quarter. That compares to net income of $3.66 billion, or $8.58 per share, reported in the same quarter last year.

Here’s what Moderna reported versus Wall Street’s expectations, based on a poll of analysts by Refinitiv:

  • Earnings per share: 19 cents per share versus an expected loss of $1.77 per share
  • Revenue: $1.86 billion versus $1.18 billion expected

Shares of the Massachusetts-based company closed 3% higher on Thursday. Its shares are down nearly 25% for the year through Thursday’s close, putting the company’s market value at around $51.8 billion.

Cost of sales for the quarter was $792 million. These included a $148 million write-down for vaccines that have passed their shelf life and $135 million for unused manufacturing capacity.

Moderna maintained its annual guidance of at least $5 billion in revenue from its Covid vaccine, which will come from signed government contracts for the vaccine.

CEO Stéphane Bancel told CNBC’s “Squawk Box” on Thursday that he believes the company is “on track to meet that goal.”

In addition, the company is in talks about new contracts with customers in Europe, Japan and the USA

The US will transition the federal Covid vaccination program to the private market as early as the fall.

Bancel noted that the company is actively discussing new vaccine contracts with US government agencies, pharmacy chains and hospital systems. Moderna expects more clarity regarding those deals over the next four to six weeks.

The company will launch additional boosters after the Food and Drug Administration and Centers for Disease Control and Prevention approved additional vaccines last month targeting the Omicron variant for seniors and those with compromised immune systems.

The FDA is also preparing for a vaccine meeting in June, where outside consultants will choose which Covid strains new vaccines will target when they are rolled out in the fall.

Moderna expects the US to need 100 million vaccine doses annually.

However, demand for Covid shots is still falling as the pandemic eases and the US moves to an annual vaccination schedule rather than repeated booster doses. That leaves Moderna and the rival drugmaker Pfizer are scrambling to steer clear of their Covid stings, which made both companies household names during the height of the pandemic.

“It’s going to be a transition year,” Bancel told CNBC. He added that Moderna is “investing aggressively to grow the business.”

That means strengthening Moderna’s mRNA-based drug pipeline.

The company’s products use messenger RNA technology, which teaches human cells to produce a protein that triggers an immune response against a specific disease.

Stephen Hoge, President of Moderna, highlighted on the company’s conference call its efforts to create vaccines that target more than one respiratory disease in a single dose, which he says will be “the future of our respiratory business.”

The company has five different combination vaccines in early clinical trials, he said.

Bancel told CNBC the company hopes to launch a combination vaccine targeting Covid and the flu by 2025. These vaccinations are adapted to the predominant strains of influenza and Covid that are in circulation.

“So you can just go to your pharmacy and take a shot and get ready for the winter,” he told CNBC.

Moderna said in April it hopes to offer a new line of life-saving vaccines for cancer, heart disease and other conditions by 2030.

This lineup includes Moderna’s experimental vaccine, which targets the respiratory syncytial virus. The company expects to apply for full approval of the adult 60+ shot this quarter.

It also includes Moderna’s personalized cancer vaccine, a much-anticipated mRNA syringe co-developed with him note to target different tumor types. Moderna is also developing a flu vaccine, but the company said the vaccine doesn’t meet the criteria for early success in a late-stage clinical trial.

Clarification: This story has been updated to clarify that Moderna’s revenue fell more than 60% in the first quarter.

Mother will love these Mom’s Day presents from Kardashian-Jenner Manufacturers

This is from Kendall Jenner’s Moon collab. Keep these with you so you can always whiten your teeth and make a brilliant impression. The brand claims that you can “take your look to the next level in just 30 seconds from the first use.”

One Amazon customer gushed, “I love having a product that I can rely on every day to make my smile look 110% better. My smile is the most important feature on my face. I talk to people every day as part of my job. I’m always on the go in the morning before work. When using the moon whitening pen, it was easy to use. Fast drying and instant results. I didn’t have to wait more than 30 seconds to see that my smile was whiter than it was before I applied the moon gel. I can keep it in my lunch bag and purse and conveniently carry it in my pocket when needed.”

One buyer said: “This whitening pen is pretty impressive. I’ve incorporated it into my nightly routine and have whiter teeth and no sensitivity at all!”

Google co-founder Larry Web page could also be served on Jeffrey Epstein within the case

Google co-founder Larry Page.

David Paul Morris | Bloomberg | Getty Images

A federal judge said so Google Co-founder Larry Page is eligible to be served with legal papers by the US Virgin Islands government for his civil action JPMorgan Chase in connection with sex trafficking by the bank’s longtime client Jeffrey Epstein.

A filing Thursday did not reveal the nature of the legal papers the Virgin Islands plans to serve on Page in the lawsuit, which is pending in US District Court in Manhattan.

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However, the US territory previously issued subpoenas in the lawsuit against Google co-founder Sergey Brin, as well as former Disney exec Michael Ovitz, Hyatt Hotels CEO Thomas Pritzker and Mort Zuckerman, the billionaire real estate investor. The subpoenas requested documents and other information about Epstein and JPMorgan.

Page was CEO of Google’s parent company Alphabet from 2015 to 2019, having previously served as Google’s chief executive officer. He remains a director of Alphabet.

The US Virgin Islands and a woman who says she was sexually abused by Epstein are separately suing JPMorgan, alleging the bank was involved in his sex trade with multiple women.

Epstein had deposited millions of dollars with JPMorgan for years and used money from those accounts to facilitate women’s travel to his residence on a private island in US territory and elsewhere.

JPMorgan, whose CEO Jamie Dimon is set to be fired in the case at the end of May, has denied wrongdoing.

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On Wednesday, Judge Jed Rakoff held the latest in a series of conference calls in the case with attorneys for the litigants.

The filing detailing the conference was posted on the court’s website on Thursday. It said: “USVI has permission to submit Larry Page’s replacement service no later than Thursday noon.

The term “alternative service” suggests that the Virgin Islands had previously attempted to serve Page legal papers for the lawsuit, but could not do so in traditional ways, including having a trial officer deliver the papers or having his own attorneys accept them in his name.

Alternative service may include posting the legal documents, posting them on a public news site, or emailing them.

CNBC reached out to Page for comment.

NBC archive footage shows Trump at a party with Jeffrey Epstein in 1992

Epstein killed himself in a Manhattan jail cell in August 2019, a month after he was arrested on federal child trafficking charges. He previously pleaded guilty in 2008 to soliciting sex from an underage girl in Florida.

JPMorgan only severed ties with Epstein in 2013.

Epstein had been a friend of many rich and famous people over the years, including former Presidents Donald Trump and Bill Clinton.

Ed Sheeran did not steal from Marvin Gaye’s music, jury guidelines

Musician Ed Sheeran exits federal courthouse in New York, United States, on Wednesday May 3, 2023.

Stephanie Keith | Bloomberg | Getty Images

A federal jury in Manhattan ruled Thursday that pop star Ed Sheeran did not infringe the copyright of Marvin Gaye’s “Let’s Get It On.”

It was questionable whether Sheeran’s 2014 hit “Thinking Out Loud” was a copy of the 1973 classic. The jury ruled that 32-year-old Sheeran created his song independently and is not liable for any copyright infringement.

After a two-week trial, the jury reached a unanimous verdict after deliberating for three hours.

Upon hearing the verdict, Sheeran stood up and hugged his attorneys, according to NBC News. His wife and Thinking Out Loud co-writer Amy Wadge was in tears.

The lawsuit was filed by the heirs of Ed Townsend, who co-wrote Let’s Get It On with Gaye. Plaintiffs first filed the civil suit in 2017, alleging that Sheeran, Warner Music Group and Sony Music Publishing stole the soul classic in violation of federal copyright law.

During the trial, Sheeran defended his Grammy-winning song. Sheeran told jurors that he composed “Thinking Out Loud” independently with British songwriter Wadge, who was not named in the lawsuit.

When asked about the amount of the case earlier this week, Sheeran threatened to quit the music if he was found guilty. “When that happens, I’m done, I’m quitting,” Sheeran said in court Monday.

Last April, Sheeran took a stand with another of his hits, 2017’s “Shape of You.” A London judge ruled in Sheeran’s favor in the case, awarding him more than $1.1 million in legal fees.

Gaye died in 1984 while Townsend died in 2003.

Costs, what you need to learn about Shopper Well being Spinoff

Johnson & Johnson products on a shelf in a store in New York.

Luca Jackson | Reuters

Johnson & Johnson’s Consumer health company Kenvue valued its IPO Wednesday at $22 per share, at the high end of its quoted range, in a boosted deal that would raise about $3.8 billion.

At this IPO price, the new company is valued at around $41 billion. This makes Kenvue’s debut one of the largest US IPOs in more than a year.

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The company expects its 151 million shares to be priced at between $20 and $23 per share, according to a preliminary prospectus it filed with the Securities and Exchange Commission last week.

Proceeds from the offering and all proceeds from related debt financing transactions will go to J&J, however Kenvue will retain $1.17 billion in cash and cash equivalents.

Goldman Sachs, JPMorgan Chase and Bank of America are acting as lead underwriters for the IPO.

The shares will trade on the New York Stock Exchange on Friday under the ticker “KVUE.”

The spinoff, the biggest IPO since electric-vehicle maker Rivian went public in November 2021, may not fully reverse the ailing IPO market that plummeted in 2022. But it could be a sign of life for IPOs in the US

Kenvue’s debut also marks the largest restructuring in J&J’s 135-year history. J&J announced the split in late 2021 to streamline operations and refocus on its pharmaceuticals and medical devices businesses.

Meanwhile, Kenvue is chock full of household names familiar to investors and the general public, like Tylenol, Band-Aid, Listerine, Aveeno, Neutrogena, and J&J’s eponymous baby powder and shampoo.

Here’s everything you need to know about Kenvue’s IPO this week.

Post-IPO ownership

J&J will control 91.9% of Kenvue post-IPO — or 90.8% if underwriters exercise their options to purchase additional shares, according to the prospectus filing.

J&J plans to distribute the remaining common shares to its shareholders later this year.

Until then, Kenvue is considered a “controlled entity” under the NYSE’s corporate governance rules, the filing said. This allows Kenvue to avoid certain listing standards, including the requirement that the company’s board of directors be composed of a majority of independent directors.

J&J will generally be able to control matters that shareholders vote on, such as electing directors to Kenvue’s board, the filing said.

“Johnson & Johnson will continue to control the direction of our business, and concentrated ownership of our common stock may prevent you and other shareholders from influencing important decisions,” Kenvue said in the filing.

business performance

Kenvue is profitable and expects modest growth over the next several years, the company said in the filing.

According to the filing, global annual sales growth is estimated at around 3% to 4% through 2025.

Kenvue reported 2022 sales of $14.95 billion and net income of $1.46 billion on a pro forma basis. For the first quarter ended April 2, Kenvue estimates revenue of $3.85 billion and net income of approximately $330 million. These first quarter results are preliminary.

Ten of Kenvue’s brands generated sales of at least $400 million last year.

Overall, Kenvue said 2022 sales are “balanced” across the company’s three businesses.

The company’s self-care unit, which includes products for eye care, cough and cold, and vitamins, had net sales of $6 billion in 2022, accounting for 40% of total sales.

Skin health and beauty products accounted for $4.4 billion in net sales last year, or 29% of total sales. These products include shampoos, conditioners, hair loss treatments, and skin care.

And products in the essential health division, including baby products, mouthwash and dental rinses, sanitary protection, and wound care, posted net sales of $4.6 billion, or 31% of total sales.

Each of the three businesses was profitable on an adjusted operating income basis, the company said in the filing.

Kenvue noted that its global footprint is “well balanced geographically,” with approximately half of its 2022 net sales coming from outside North America.

According to the filing, the company will have net debt of $7.75 billion.

Managing directors

Kenvue rounded up several J&J executives to run the company, according to the file.

Thibaut Mongon, executive vice president and global chairman of J&J’s consumer health practice, will serve as CEO of the newly public company. He will also sit on the board.

Paul Ruh, J&J’s chief financial officer of consumer health and a former PepsiCo executive, will serve as CFO, and Meredith Stevens, global vice president of J&J’s consumer health supply chain, will serve as COO.

Kenvue’s Chief People Officer, Chief Corporate Affairs Officer, Chief Technology and Data Officer, Chief Scientific Officer and Group Presidents for various regions around the world are also from J&J.

According to the preliminary prospectus, the executives will lead a team of more than 22,000 employees in 165 countries and 25 own production facilities.

Kenvue’s global headquarters will be in Summit, New Jersey.

Talc Cancer Lawsuits

J&J faces thousands of allegations that its talc baby powder and other talc products cause cancer. Some of these products fall under the company’s consumer health business.

But Kenvue will only take on talc-related liabilities arising outside of the U.S. and Canada, according to its January IPO filing.

“As stated unequivocally and unequivocally, Johnson & Johnson has agreed to retain all Talk-related liabilities – and to indemnify Kenvue for all costs – arising out of litigation in the United States and Canada,” Erik Haas, Vice President of Litigation at Johnson & Johnson said in a statement last week.

But Kenvue said in the filing that “such compensation may not be sufficient” to protect the new company against the full amount of the liabilities.

J&J will continue to fight talc claims in bankruptcy court.

A federal bankruptcy judge halted nearly 40,000 talk lawsuits in April through mid-June. This decision was part of J&J’s second attempt to settle talc claims in bankruptcy proceedings.

The suspension will give J&J time to seek court approval of its proposed $8.9 billion settlement with the plaintiffs in the Talk cases.

– CNBC’s Leslie Picker contributed to this report.