Another day, another CEO pay raise. Johnson & Johnson honcho Bill Weldon (photo) nabbed a 22 percent hike in compensation in 2007. Between base salary of $1.73 million, incentive pay of $9.19 million, plus stock awards and options and various miscellaneous perks, he raked in $25.1 million in compensation. In 2006, his package amounted to $20.6 million.
Now, J&J grew sales by nearly 15 percent last year, to $61.1 billion. But profits fell by 4 percent to $10.6 billion, mostly on restructuring charges. And that sales growth came despite falling revenues from the anemia drug Procrit, which attracted safety-related scrutiny during the second half of the year. That med, along with sister products made by Amgen, are on the agenda at an FDA advisory panel today and may see sales limits as a result.
And discussion of J&J's 2007 can't leave out the company's big restructuring plan, which involves cutting up to 4,820 jobs. How, we wonder, do those pink-slipped workers feel about Weldon's raise? We know how shareholders feel: J&J stock jumped by 21 cents to $62.65 yesterday, about a dime of that after the proxy was filed.
- read the article from CNBC
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