Johnson & Johnson (JNJ) CEO Weldon Gets $143.5 Million for Retirement
3/15/2012 7:43:14 AM
Imagine if $143.5 million had been invested to improve quality control procedures? Of course, Bill Weldon has this payout coming to him, since negotiations obligated Johnson & Johnson to make good. Weldon, you may recall, steps down as ceo next month, but remains chairman for an unspecified period of time. At that point, he can start collecting his pension and deferred compensation. So how is that $143.5 million calculated? The present value of his accumulated pension benefit is $48.4 million, and portions are paid as a monthly annuity for life, according to a proxy statement filed with the US Securities and Exchange Commission (here it is). There is another $95.1 million in nonqualified deferred-compensation plans.
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