With a pension ranking in the top 10% of public companies, Bill Weldon recently left pharmaceutical leader Johnson & Johnson with $143.5 million. $48.4 million is accumulated pension benefits added to $95.1 million more in deferred compensation.
“Imagine if $143.5 million had been invested to improve quality control procedures?” asked Ed Silverman in Pharmalot. J&J put a happy face on for the public, adding the retirement package onto a 2011 bonus for Weldon of $3.1 million, up 55% from the year before.
Other reports of Silverman’s 2011 pay package added to that bonus $1.9 million in salary, stocks and options worth $6.8 million, a $14.3 million incentive award and $3.7 million in other payments.
“Not surprisingly,” Silverman opines, “the board does not mention a consent decree with the FDA; highly publicized congressional hearings; government investigations; hundreds of job losses; the closure and retooling of a key plant; a reorganization of the McNeil consumer unit; eroded consumer confidence; numerous lawsuits, and hundreds of millions of dollars in lost sales. These helped drop J&J to 7th place on the annual Corporate Reputation poll from Harris Interactive, its lowest-ever ranking.”