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You are here: Home / News Well / Ex-J&J CEO Weldon to walk with $143.5M in retirement | Personnel Moves

Ex-J&J CEO Weldon to walk with $143.5M in retirement | Personnel Moves

March 15, 2012 By MassDevice staff Leave a Comment

fired/hired

Outgoing Johnson & Johnson (NYSE:JNJ) CEO William Weldon will take home $143.5 million in retirement benefits when he walks in April.

The veteran J&J employee racked up more than $95 million in deferred compensation and $48.4 million in pension benefits over more than 40 years with the health care titan, according to an SEC filing.

J&J announced in February that Weldon plans to step down on April 26, the day of the company’s annual shareholders’ meeting, and hand over the keys to the corner office to executive committee vice chairman Alex Gorsky.

J&J bumped Weldon’s 2012 pay by 30% to just over $5 million in salary and bonuses for the year. His $2 million 2012 salary is a modest 3% increase from last year, but his $3 million bonus represents a 55% spike over 2011. Weldon’s total take-home was $29.7 million in 2011 and $24.9 million in 2010.

Weldon, who began his career at J&J in 1971 and has been CEO since 2002, will remain chairman of the board, according to a regulatory filing. The board has yet to decide the proper compensation for Weldon in that role, a position that he wasn’t paid for while he was an employee.

Weldon also sits on the board of J.P. Morgan Chase & Co. (NYSE:JPM).

Read more medical device personnel news from MassDevice.com

 Welch Allyn names successor to corner office
Welch Allyn named company veteran Stephen Meyer its new president & CEO, succeeding Julie Shimer who announced her intention to retire earlier this year.

Meyer was promoted from his role as executive vice president and chief global business officer for the Skaneateles Falls, N.Y.-based company. He has been with Welch Allyn since 1981, where he began as a sales representative.

Shimer was the 1st woman to hold the corner office at the 95-year old company when she took the position in 2007 after 5 years on the med-tech maker’s board of directors.  Read more

 Medical Action Ind. names new CFO
Medical Action Industries (NSDQ:MDCI) CFO Charles Kelly tendered his resignation, effective March 30. In the mean time he will serve as the company’s financial oversight specialist, a non-executive role, while assisting with the transition to new finance head John Sheffield, whose appointment was announced today.

Sheffield joined the Brentwood, N.Y.-based disposable surgical products maker from a role at Bank of America Merrill Lynch. Read more

 Paradigm Spine adds new players
Paradigm Spine named company co-founder Guntmar Eisen as its new president & COO to lead the next phase of development, which will focus on the introduction of the company’s Coflex spinal stenosis stabilization system in the U.S.

The New York-base spinal devices maker also hired Steven Amelio as its new CFO, and Mark Suseck as vice president of marketing. Read more

  • Aastrom Biosciences names Dr. LaVonne Lang head of regulatory affairs
  • Orthocon appoints David Hart VP of business operations
  • Nephros hires Shane Sullivan to direct U.S. sales

Filed Under: News Well Tagged With: Aastron Biosciences, Johnson and Johnson, Medical Action Industries Inc., Nephros, Orthocon Inc., Paradigm Spine, Personnel Moves

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