15. March 2012 14:07
Johnson & Johnson’s outgoing Chief Executive Officer William Weldon will receive a pension of $143.5 million when he stands down next month.
Mr Weldon is set to retire after more than forty years with J&J and has amassed a pension of $48.4m, plus a further $95.1m in deferred and long-term compensation.
The company’s filing with the Securities and Exchange Commission said Mr Weldon will receive his pension in monthly payments.
The 63-year-old, who began as a sales representative in 1971, will be replaced by Alex Gorskey but remain as company chair.
Mr Gorskey, who currently leads J&J’s devices and supply-chain units, was paid $6.8m last year, records showed.
He will begin his new position on April 26th 2012 becoming only the ninth leader in J&J’s 126-year history.