TRENTON,
N.J. (AP) -- Johnson & Johnson's longtime CEO, Bill Weldon, is retiring
this April, following an embarrassing string of product recalls over more than
2 years that has cost the health care giant hundreds of millions of dollars and
consumer trust.
 |
(AP
Photo/Mel Evans, File)
|
Weldon, 63,
has spent his entire career at J&J and became chief executive in 2002. The
departure is being described as normal succession planning, but Weldon has
repeatedly said he had no plans to leave unless asked to do so by the board of
directors, which has long been loyal to him.
His tenure
has been tarnished by more than two dozen recalls of nonprescription Tylenol,
Motrin, Benadryl and other drugs began in 2009. Medical devices and consumer
products also have been recalled.
J&J's
McNeil Consumer Healthcare unit has had about 25 product recalls since
September 2009. Federal regulators have had three of its factories under
scrutiny for nearly two years, and one of those, in Fort Washington, Pa., has
been shut and is being rebuilt from the ground up.
Meanwhile,
the prescription drug division has had at least two drugs, for seizures and
HIV, recalled over that time. Gorsky's medical device unit, the company's
biggest by revenue, has had faulty hip implants that were painful to patients
recalled, along with contact lenses that sting the eyes.
While there
haven't been reports of patients harmed by the recalled products, the sheer
volume of them is probably unrivaled in the industry. Weldon has repeatedly
said he had the problems under control, only to have another recall pop up,
with the latest just last week.
 |
William
Weldon compensation
package is about $29.3 million,
according to page 43 of
this SEC
|
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