Weldon Takes Compensation Hit Due To OTC Recalls, But J&J Touts His Steering
This article was originally published in The Tan Sheet
Johnson & Johnson's manufacturing woes nicked CEO William Weldon’s 2010 compensation, but so far the firm's board of directors continues to stand behind him.
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Recalled OTC drugs took a $900 million bite out of Johnson & Johnson's fiscal 2010 sales, including $300 million in the fourth quarter, contributing to what the company and analysts labeled disappointing earnings.
Johnson & Johnson has finished culling its ranks of employees responsible for quality control lapses that led to extensive OTC recalls, according to CEO William Weldon.
“Something needed to be done” to improve FDA’s regulation of human foods supply, says Commissioner Califf says. “Dietary supplements is a whole different kettle of fish that we can discuss at a later time.”