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Johnson & Johnson : J&J Chairman Weldon's Salary Cut To $1 Million After Stepping Down As CEO

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05/07/2012 | 11:51pm CET
   By Peter Loftus 
   Of  
 

Johnson & Johnson (JNJ) Chairman William Weldon's annual base salary was reduced by nearly half to $1 million after he stepped down as chief executive last month, the company said Monday.

Weldon's previous annual base salary was set at $1.97 million for 2012, for his roles as both chairman and CEO, but with the expectation that J&J's board would consider the appropriate compensation for Weldon in his role as chairman only.

The decrease reflects that Weldon is no longer CEO, said spokesman Al Wasilewski.

On April 26, Alex Gorsky succeeded Weldon as CEO. Weldon is continuing as chairman and will remain an employee of the company, J&J said in a quarterly report filed with the Securities and Exchange Commission Monday.

J&J said in a previous SEC filing that in his role as chairman, Weldon will work closely with Gorsky to ensure a seamless leadership transition. During this time, all day-to-day management and operational responsibilities are being transferred to Gorsky.

Weldon will remain an employee but not a member of the J&J executive committee, which is the principal management group responsible for strategic operations and allocations of the resources of the company.

Weldon's main duties as chairman will include working with the board of directors, facilitating communication between the board and management, assisting Gorsky in business planning and strategy, representing the company before governmental and other organizations, and serving as chairman of the board's finance committee.

-By Peter Loftus, Dow Jones Newswires; +1-215-982-5581; peter.loftus@dowjones.com

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Financials ($)
Sales 2016 72 020 M
EBIT 2016 21 881 M
Net income 2016 16 368 M
Finance 2016 17 252 M
Yield 2016 2,73%
P/E ratio 2016 19,46
P/E ratio 2017 17,17
EV / Sales 2016 4,10x
EV / Sales 2017 3,85x
Capitalization 312 507 M
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Number of Analysts 23
Average target price 125 $
Spread / Average Target 9,0%
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NameTitle
Alex Gorsky Chairman & Chief Executive Officer
Dominic J. Caruso Chief Financial Officer & Vice President
Paulus Stoffels Chief Scientific Officer & Executive VP
Charles O. Prince Independent Director
William David Perez Independent Director
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