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J&J CEO gets 8 pct. pay boost in 2011, to $23M

FILE - In a Thursday, Sept. 30, 2010 file photo, Johnson & Johnson Chairman and CEO William Weldon testifies on Capitol Hill in Washington, before the House Oversight and Government Reform Committee hearing. Johnson & Johnson raised compensation 8 percent last year for outgoing CEO Weldon, despite a seemingly endless string of product recalls, mediocre 2011 results and ongoing lawsuits and government probes over some products and marketing practices. Weldon, who will step down on April 26 but remain chairman of the board for the time being, raked in total compensation valued at $23.4 million last year, up from $21.6 million in 2010. FILE - In a Thursday, Sept. 30, 2010 file photo, Johnson & Johnson Chairman and CEO William Weldon testifies on Capitol Hill in Washington, before the House Oversight and Government Reform Committee hearing. Johnson & Johnson raised compensation 8 percent last year for outgoing CEO Weldon, despite a seemingly endless string of product recalls, mediocre 2011 results and ongoing lawsuits and government probes over some products and marketing practices. Weldon, who will step down on April 26 but remain chairman of the board for the time being, raked in total compensation valued at $23.4 million last year, up from $21.6 million in 2010. (AP Photo/Kevin Wolf, File)
By Linda A. Johnson
AP Business Writer / March 14, 2012
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TRENTON, N.J.—Johnson & Johnson raised compensation 8 percent last year for outgoing CEO William Weldon. That's despite a string of about 30 product recalls, mediocre 2011 results and ongoing lawsuits and government probes over some products and marketing practices.

Weldon will step down next month after a decade as CEO but remain chairman of the board. He earned compensation valued at $23.4 million last year. The total includes salary of $1.91 million and more than $20 million in stock awards, option awards, performance bonus and other compensation.

The health care giant, based in New Brunswick, N.J., disclosed the compensation package in a regulatory filing.

The AP's calculation counts salary, bonuses, perks, stock and options awarded during the year.

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