J&J CEO Weldon Gets 11 Percent Raise, Despite Layoffs
The chief executive of Johnson & Johnson got an 11 percent increase in compensation in 2009, according to Associated Press calculations, while the health giant cut thousands of jobs and saw its annual revenue decline for the first time since the Depression. Bill Weldon, who has been J&J''s CEO and chairman since 2002, received 2009 compensation valued at $25.6 million, based on figures in the company proxy statement filed with the Securities and Exchange Commission. The New Brunswick, N.J.-based maker of Band-Aids, Johnson''s baby shampoo, contraceptives and biologic drugs gave Weldon a salary of $1.8 million, plus $12.8 million under a cash incentive plan -- $3.6 million in a performance bonus and the rest in long-term incentives that vested or were paid to Weldon in 2009. The world''s largest maker of health care products gave Weldon, 61, stock options and restricted awards valued at $8 million, up about $1.6 million. He also received above-market returns the company valued at $2.7 million on that deferred compensation, up from $1.9 million the year before.