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AFSCME Urges Shareholders to Vote against Executive Compensation at Pfizer (PFE) and Johnson & Johnson (JNJ)
Date:4/12/2011

on in market value since the end of 2009, its share price declining $6.75 through Wednesday's close.

Weldon's compensation was trimmed 7 percent, but in what appears to be a disconnect with a steady stream of bad news."(15)

2. Pay should be cut in half - "Does paying a guy $23.2 million express any sense of concern about what has happened at that company?" remarked Erik Gordon, an analyst and professor at University of Michigan's Ross School of Business. "The board has shown what they're willing to do: nothing." Gordon, who has stated that Weldon should retire due to the recent recalls, said the board should have cut the CEO's compensation in half.(16)

3. Nominee for 2010's Worst CEO - "Cramer said shares of Johnson & Johnson have dropped 6% since William Weldon became CEO in April 2002. Over that same time period, he added, the S&P 500 declined by 3%. 'I think Weldon would be right at home on the Wall of Shame, having squandered a good franchise with manufacturing problems no less,' argued the Mad Money host."(17)

4. Heads he wins, tails shareholders lose - "Any reasonable person looking at Weldon's compensation in detail will come away scratching their heads, wondering why someone who delivered one of J&J's worst ever annual performances could possibly be worth a staggering $28.7 million. Here's the context:

  • The company experienced 11 drug recalls in 2010 (19 in total since the Tylenol crisis began).
  • The recalls cost J&J $900 million.
  • Sales were slightly down at $61.6 billion.
  • JNJ shares sunk from $64.21 to $61.85 during a year in which the S&P 500 rose 13 percent.
  • The company's McNeil Consumer Healthcare unit was such a shambles the FDA no longer trusts it to monitor itself.

  • ...[i]n comparison with previous years, when the company performs well Weldon is rewarded for the success, but when the company performs poorly he's rewarded for 'deal[ing]
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    SOURCE American Federation of State, County and Municipal Employees
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