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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 CEST
   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; [email protected]

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Financials ($)
Sales 2018 81 466 M
EBIT 2018 25 020 M
Net income 2018 16 960 M
Debt 2018 10 657 M
Yield 2018 2,84%
P/E ratio 2018 18,46
P/E ratio 2019 17,17
EV / Sales 2018 4,30x
EV / Sales 2019 4,01x
Capitalization 340 B
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Number of Analysts 22
Average target price 145 $
Spread / Average Target 14%
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Managers
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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