William C. Weldon

William C. Weldon (born November 26, 1948) is a former Chairman of Johnson & Johnson,[1] He was the eighth chairman in Johnson & Johnson's history of more than one hundred years.[2]

Early life & career

Early life

He was born in Brooklyn, New York. His parents were a Broadway stage-hand and a costume designer. He received a BA in Biology from Quinnipiac University in 1971.[3]

Career

He spent his entire working life at J&J. He joined J&J as a sales representative for the McNeil Pharameutical division in 1971 and eventually became the head of J&J's Ethicon Endo-Surgery business in 1992. He became the head of J&J's pharmaceutical operations in 1998 and then became J&J's CEO in 2002. As CEO, Weldon engineered some of the largest acquisitions in J&J's history including the purchase of Alza and Pfizer's consumer-health product line.[4][5] In 2009, he earned a total compensation of $22,830,834, which included a base salary of $1,802,500, a cash bonus of $12,831,146, stock awards of $2,762,532, option awards of $5,238,069, and other compensation of $196,587.[6] In 2011, the New York Times named him on its list of "The Worst C.E.O.'s of 2011" for the increased number of Johnson & Johnson product recalls under his leadership.[7] Additionally, as of 2013, his story is a case of study at the Leadership & Corporate Accountability course at Harvard Business School.[8] Weldon retired as chairman of Johnson & Johnson on December 28, 2012 and was reported to receive $143.5 million in retirement pay.[9]

In Weldon's first full year as J&J's CEO, total revenues increased from $32.3bn to $36.3bn and net earnings from $5.7bn to $6.6bn. [10] In 2011, his last full year as CEO, revenues were $44.7bn and net earnings were $9.7bn. [11] He also sits on the JPMorgan Chase & Co. Board of Directors and the Quinnipiac University Board of Trustees.[3]

References

  1. ↑ William C. Weldon, Business Week
  2. ↑ "Johnson & Johnson History: 2002", Johnson & Johnson website
  3. ↑ 3.0 3.1 "About Quinnipiac Alumni in Business". Quinnipiac University. Retrieved December 28, 2011.
  4. ↑ Johnson, Linda A. (June 27, 2006). "Johnson & Johnson Buys Pfizer Consumer Brands". Washington Post. Retrieved December 28, 2011.
  5. ↑ Peterson, Melody (February 24, 2002). "http://www.nytimes.com/2002/02/24/business/private-sector-from-the-ranks-unassumingly.html". New York Times. Retrieved December 28, 2011.
  6. ↑ "2009 CEO Compensation for William C. Weldon", Equilar
  7. ↑ Finkelstein, Sydney (December 28, 2011). "The Worst C.E.O.'s of 2011". New York Times. Retrieved December 27, 2011.
  8. ↑ "On Weldon's Watch:Recalls from Johnson & Johnson from 2009 to 2010". Harvard Business Review. Retrieved July 26, 2013.
  9. ↑ "Johnson & Johnson CEO Weldon to Get $143.5 Million in Retirement". Businessweek. Retrieved May 22, 2013.
  10. ↑ http://files.shareholder.com/downloads/JNJ/0x0x180981/674ABA8C-31FE-4482-8F08-246986C273F5/jnj_2002annual.pdf. Missing or empty |title= (help)
  11. ↑ http://www.jnj.com/sites/default/files/pdf/JNJ2012annualreport.pdf. Missing or empty |title= (help)