Johnson & Johnson Paying Outrageous Salaries Amid Massive Layoffs, Plant Closings and Facility Deterioration

Irresponsibility at J&J allows facilities to deteriorate - putting consumers at risk of harm, plants shut down by FDA for violations resulting in massive layoffs - but continued outrageous salaries such as $30 million for 2011 and $145 million retirement fund for CEO Bill Weldon - financially draining US healthcare.

Keywords: facility, deterioration, fda, violations, recalls, Johnson and Johnson, executive, salaries, layoff

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Bill Weldon's 'restructuring' cut over 10,000 jobs at Johnson & Johnson, reduced equipment maintenance and upgrades and closed doors on what used to be functioning, profitable, facilities. In addition, inaccurate doses from faulty equipment may have led to the death of a child.
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It was claimed that the majority of the recalls were for 'musty' smell or odor from due to the preservative used to prolong the life of the wooden shipping pallets in the facilities in Fort Washington and Lancaster Pennsylvania as well as the facility in Las Piedras, Puerto Rico. However, according to FDA documents, "DA, Justice Department take action against McNeil-PPC Inc. Charged with manufacturing and distributing OTC drugs in violation of federal law", the recalls and subsequent plant closures or FDA monitoring of these facilities was due to repeated violations and "failing to comply with current good manufacturing practice requirements as required by federal law." Bill Weldon was not telling the media the truth during press releases associated with the recalls. For example, how many of you are aware that one children's product was recalled for 'metal particles' in the liquid medication? Obviously, this was an equipment issue based on lack of required inspections and routine maintenance - which was not being done.
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Now, we move into Doxil, a chemotherapy drug already in short supply since it is made in only one facility. A facility, in Bedford, Ohio, that in the same manner as the other three facilities has been out of FDA manufacturing compliance since at least 2009. The FDA is scrambling to figure out what to do to restore the supply for the 2,700 people on the list who need this drug to stay alive. While the company was Ben Venue, the medications were a Johnson & Johnson product. It was the responsibility of Johnson & Johnson to ensure that Ben Venue was manufacturing their product according to FDA and J&J specifications. In a clean properly maintained facility - that didn't have a bottle of urine in the closet of one of the manufacturing areas. I seriously doubt the person that peed in the bottle washed their hands when they were done relieving themselves before going back to work handling medication. How disgusting is that? Ben Venue voluntarily closed their doors, leaving seriously ill and dying people without the medication they need to be able to stay on cancer treatment plans - and many will likely die without this effective cancer drug. This is a drug used to treat cancer in children who have leukemia - like the little girl that sang the National Anthem at the opening baseball game in 2011.

Shareholders continue to vote for outrageous executive salaries for their buddies at J&J. I agree with Motley Fool that there is definitely Sick Stuff in CEO Pay with regard to Johnson & Johnson's Bill Weldon receiving more than $30 million in pay and benefits and an economy destroying $143.5 million retirement package - while he remains on the board and continues to draw a salary from J&J. Over the last 10 years, in compensation, bonuses and the killer retirement package, Bill Weldon will have received more than $300 MILLION. No wonder we can't afford the products when they aren't part of a recall or unable to be produced because the manufacturing facility was closed from FDA violation.
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It seems that William Weldon's 'restructuring' for the benefit of his *ass*tronomical pay, I mean for the benefit of the shareholders included cutting costs everywhere - such as cutting the work force by 10,000 jobs (approximately 8%), cutting back on facility improvements and basic maintenance to the point of risking consumer health, and keeping stock prices flat with a miniscule increase in dividends for shareholders.
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However, executive salaries continue to skyrocket - while the company falls apart and cannot meet consumer demands for drugs that are needed to save lives, including the lives of children with leukemia, or meet shareholder expectations.
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Through it all, there is the knowledge that the shareholders who own the majority of J&J stock are also business owners and bankers. This makes me smile. See, when shareholders vote to approve outrageous executive pays, the only way to pay the executives, is through The More Jobs You Cut, the Higher Your Pay, cutting jobs and cutting back on maintenance, upgrades and inspections. Weldon was basically allowing the company to fall apart. Less jobs means less money for consumers to spend in the other companies, increased foreclosures and loan defaults screw the bankers back that voted to cut jobs for higher executive salaries. So basically, approving the higher salary for Bill and Friends - cut into your own bottom line ;o)

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