A shareholder lawsuit that demands Johnson & Johnson(JNJ) CEO William Weldondisgorge a large part of the compensation he has received since 2006 could force J&J to explain why it pays Weldon more than any other pharmaceutical company CEO even though the company has languished during his reign.
Weldon has received $150 million in compensation since 2006, the suit says, and he earns more than the next four highest-paid drug company CEOs combined. That “lavish and excessive” package, the suit says, came despite J&J’s stock, revenues, and operating cash flow staying flat, its R&D declined and its liabilities increased. There have been 26 product recalls from all areas of the company (16 of those were Tylenol-related), including the recall of 93,000 artificial hips after they were implanted in patients.
The company paid kickbacks to the government of Saddam Hussein and operated a bribery scheme in Greece in which, a British judge said, “corruption was, in effect, a company policy.” Yet during this period, Weldon’s pay doubled from $14.3 million in 2005 to $28.7 million in 2010.
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