J&J spinoff Kenvue to replace Advance Auto Parts on the S&P 500

Kenvue Inc.
KVUE,
+0.13%,
the maker of Tylenol and Benadryl, will replace auto-parts retailer Advance Auto Parts Inc.
AAP,
-2.33%
on the S&P 500 Index
SPX,
+0.69%,
S&P Dow Jones Indices said on Monday. The move takes hold before the opening of trading on Friday. S&P Dow Jones Indices earlier this month said Kenvue, a spinoff of Johnson & Johnson
JNJ,
-2.98%,
would join the index, but at that time did not disclose the company Kenvue would be replacing. Advance Auto Parts will replace Emergent BioSolutions Inc.
EBS,
-4.23%
in the S&P SmallCap 600, a change that also becomes effective before trading starts on Friday. “As previously announced on August 9, the addition of Kenvue is the result of S&P 500 and S&P 100 constituent Johnson & Johnson offering to exchange the shares of Kenvue held for shares of Johnson & Johnson in a split-off exchange offer that expired on Friday, August 18,” S&P Dow Jones Indices said in a statement. “Advance Auto Parts is more representative of the small-cap market space, and Emergent BioSolutions is no longer representative of the small-cap market space.” Shares of Kenvue were up 1% after hours. Advance Auto Parts fell 0.3%.