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Posted 15 March 2012 | By Alexander Gaffney, RAC
Outgoing Johnson & Johnson (J&J) Chief Executive Officer William Weldon will receive $143 million in retirement pay, according to a regulatory filing released by J&J.
The company-and Weldon's reputation-were plagued last year by a large number of quality setbacks that caused the US Food and Drug Administration (FDA) to take notice, including a consent decree between FDA and a Pennsylvania manufacturing plant owned by J&J subsidiary McNeil PPC.
Weldon, who has been CEO for ten years and has worked at J&J since 1971, will receive the compensation primarily as the result of deferred and long-term compensation, as well as pension benefits.
While Weldon won't see these benefits immediately-he assumed the position of Chair of the J&J Board of Directors in April-they still come "at a time when J&J is still fighting the fallout from a series of consumer-drug and device recalls," writes Fierce Pharma.
Bloomberg - J&J CEO Weldon to Get $143.5M in Retirement
FiercePharma - J&J's Weldon due for $143M retirement package
Tags: Retiring, CEO, Weldon, McNeil, J&J, Latest News
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