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 lifer and education

He was born in Brooklyn, New York. His parents were a Broadway stagehand and a costume designer. He received a Bachelor of Arts degree in biology from Quinnipiac University in 1971.^[3]

Career

He spent his entire working life at Johnson & Johnson. He joined the company as a sales representative for the McNeil Pharameutical division in 1971 and eventually became the head of Johnson & Johnson's Ethicon Endo-Surgery business in 1992. He became the head of Johnson & Johnson's pharmaceutical operations in 1998 and then became the company's chief executive officer (CEO) in 2002. As CEO, Weldon engineered some of the largest acquisitions in the company'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 was a case study at the Leadership & Corporate Accountability course at Harvard Business School.^[8]

In Weldon's first full year as the company's CEO, total revenues increased from $32.3 billion to $36.3 billion and net earnings from $5.7 billion to $6.6 billion.^[9] In 2011, his last full year as CEO, revenues were $44.7 billion and net earnings were $9.7 billion.^[10]

Weldon retired as chairman of Johnson & Johnson on December 28, 2012, and was reported to receive $143.5 million in retirement pay.^[11]

Board memberships

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. "About Quinnipiac Alumni in Business". Quinnipiac University. Retrieved December 28, 2011.
4. Johnson, Linda A. (June 27, 2006). "Johnson & Johnson Buys Pfizer Consumer Brands". The Washington Post. Retrieved December 28, 2011.
5. Peterson, Melody (February 24, 2002). "Private Sector; From the Ranks, Unassumingly". The New York Times. Retrieved June 19, 2015.
6. "2009 CEO Compensation for William C. Weldon", Equilar
7. Finkelstein, Sydney (December 28, 2011). "The Worst C.E.O.'s of 2011". The 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.
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11. "Johnson & Johnson CEO Weldon to Get $143.5 Million in Retirement". Businessweek. Retrieved May 22, 2013.