Johnson & Johnson (JNJ)’s departing Chief Executive Officer William C. Weldon will receive $143.5 million in retirement pay, the world’s second-biggest seller of health products said today in a regulatory filing.
Alex Gorsky is scheduled to take the helm of New Brunswick, New Jersey-based J&J on April 26, making him the ninth leader in the company’s 126-year history. Weldon, 63, who will remain chairman, amassed $95.1 million in deferred and long-term compensation during his 40 years with the company, where he started as a sales representative in 1971.
Weldon’s pension has a present value of $48.4 million, which he will receive in monthly payments after he retires, the company said in the filing with the Securities and Exchange Commission. His total compensation fell to $26.8 million in 2011 from $28.7 million a year earlier, the second consecutive annual decline, as the company struggled with recalls of artificial hip implants and over-the-counter drugs, and safety concerns involving vaginal mesh products.
Gorsky, who heads the devices and supply-chain units, beat out Sheri S. McCoy, the leader of the company’s branded-drug units, for the top spot. Gorsky was paid $6.8 million in total compensation in 2011 while McCoy received $8.7 million, according to the company’s filing.
To contact the reporter on this story: Michelle Fay Cortez in Minneapolis at mcortez@bloomberg.net
To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net
Looking beyond the spin of Big Pharma PR. But encouraging gossip. Come in and confide, you know you want to! “I’ll publish right or wrong. Fools are my theme, let satire be my song.” Email: jackfriday2011(at)hotmail.co.uk
Wednesday, March 14, 2012
Johnson & Johnson CEO Weldon to Get $143.5 Million in Retirement - Bloomberg
via bloomberg.com
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