Outgoing Johnson & Johnson (NYSE:JNJ) CEO William Weldon scored a 30% bump in pay for 2012 between a boost to his salary and to his annual bonus.
Weldon will get just over $5 million in salary and bonuses this year, most of it coming from a $1.1 million increase in an annual bonus which will be paid 85% in cash and 15% in company common stock, according to regulatory filings.
Weldon’s $2 million 2012 salary is a modest 3% increase from last year, but his $3 million bonus represents a 55% spike over 2011.
The bumped bonus partially makes up for cuts Weldon accepted in 2010 after the company suffered a spate of product recalls, according to the Wall Street Journal.
Weldon also got 628,911 shares of stock at an exercise price of $65.37, a value of $41 million. JNJ shares were trading at $64.37 as of about 2 p.m. today.
The board has yet to decide the proper compensation for Weldon in his continuing role as board chairman.
Replacement CEO Alex Gorsky, who will take the reins in April, also landed a significant boost this year. Upon taking the corner office, his salary will go from $800,600 to $1.2 million, a 36% bump, regulatory filings show.
Gorsky will also get a $1.3 million bonus this year and about $15.2 million in stock options.
Sherilyn McCoy, Gorsky’s main competition for the CEO role, will take home $2.2 million in salary and bonus and another $15.2 million in stock options this year.
Here are latest personnel changes from medical device, diagnostics and life science companies around the nation. For more recent hirings and firings, check out MassDevice’s compilation of the latest personnel moves.
- InVivo gets a new product development director
- Aspect Imaging adds to its executive team
- Zeltiq names new CFO and VP
- Orthofix announces new senior VP of commerical operations for global spine