Investing.com-- Hedge fund TOMS Capital Investment Management has taken a stake in Kenvue Inc (NYSE: KVUE ) and is advocating for strategic changes, including a potential full sale or asset separation, Bloomberg reported on Sunday, citing sources familiar with the matter.

The size of TOMS’ stake in Kenvue, the $45 billion consumer health company spun off from Johnson & Johnson (NYSE: JNJ ) in 2023, remains undisclosed, the report stated.

The firm’s push comes shortly after Kenvue averted a proxy battle with activist investor Starboard Value by appointing CEO Jeffrey Smith to its board.

The maker of Tylenol and Band-Aid has been ramping up advertising amid rising competition in skincare, the Bloomberg report said.