Bill Weldon gets new chairman title at Chase Bank

William Weldon, who last year stepped down at Johnson & Johnson ($JNJ) after running the company for years, has again added the title of chairman to his resume. In what The Wall Street Journal characterized as a stealth move, Weldon has replaced James Dimon in that role at J.P. Morgan Chase Bank ($JPM). Weldon was already a top director on the Chase board. Dimon retains his more influential positions as CEO and chairman of J.P. Morgan's parent company. Dimon has been under some pressure from shareholders, in part because of a 2012 trading scandal and a number of investigations by federal regulators and authorities into the bank's practices. Weldon, of course, has mega experience dealing with federal regulators and contrary litigators. When he turned the J&J show over to Alex Gorksy and left with a $143 million retirement package, J&J was still fighting the fallout from a series of consumer-drug and device recalls. It also was negotiating a humongous settlement with the U.S. Justice Department and facing thousands of lawsuits from patients who had used its drugs or devices. Much of that continues, but Gorsky has been able to sort through some of it while while piloting the company to improved earnings. Story (sub. req.) | More