Published March 14, 2012Dow Jones Newswires
Johnson & Johnson (JNJ) Chairman and Chief Executive William Weldon stands to collect pension and deferred compensation currently valued at $143.5 million after his retirement, according to new details released by the health-care conglomerate.
The payouts won't begin when Weldon, 63, steps down as CEO in April because he will continue to serve as chairman of the board of directors. Rather, they would begin when he is no longer a J&J employee, and the value of his retirement package could change.
J&J spokesman Al Wasilewski said Weldon, who started working at the company in 1971, earned his post-retirement benefits over "a very long career at J&J, 10 of those years as CEO."
Weldon, who will be succeeded as CEO by Vice Chairman Alex Gorsky, stands to collect benefits from two main buckets. The present value of his accumulated pension benefit is $48.4 million, portions of which are paid out as a monthly annuity for life, according to a proxy statement filed Wednesday with the Securities and Exchange Commission.
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