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Health care giant Johnson & Johnson’s chairman and CEO received compensation valued at $22.8 million in 2007, a 10.4% rise in a year when J&J announced plans to cut up to 4% of its work force in its biggest restructuring ever.
William C. Weldon, J&J’s chairman and chief executive officer since 2002, received compensation totaling $20.6 million in 2006.
In 2007, he received a base salary of $1.73 million, according to a proxy statement filed Wednesday with the Securities and Exchange Commission.
Weldon, 59, received stock awards and options valued at $5.34 million when they were granted in February 2007, plus another $9.19 million in annual performance bonus.
Weldon, who started his career at Johnson & Johnson in 1971, also received other compensation totaling $3.22 million. That included $2.95 million in deferred compensation called dividend equivalents, $77,625 in contributions to his retirement plan and $179,231 in various perks, from $118,653 for personal use of company aircraft to $29,753 for a car and driver.
The Associated Press calculations of total pay include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year fast cash advance loan. The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.
J&J, which makes everything from Band-Aids and baby shampoo to contraceptives and genetically engineered medicines, last year saw a rare decline in net income, which fell by 4% to $10.6 billion.
However, sales jumped nearly 15%, to $61.1 billion, mainly because of the company’s acquisition the prior year of Pfizer Inc.’s (PFE, Fortune 500) huge consumer health business.
J&J (JNJ, Fortune 500) shares rose 11 cents to $62.55 in regular trading Wednesday, before the proxy was filed, then rose another 10 cents in after-hours trading. Its shares have traded in the range of $59.72 to $68.85 over the past 52 weeks.