Jan 22, 2002
Johnson & Johnson Names New CEO and President
William C. Weldon To Succeed Ralph S. Larsen As Chairman and CEO of Johnson & Johnson
James T. Lenehan Named President, Succeeding Senior Vice Chairman Robert N. Wilson
New Brunswick, NJ (January 22, 2002) -- Johnson & Johnson today announced that its Board of Directors has named William C. Weldon Chairman and Chief Executive Officer, and James T. Lenehan President in addition to his responsibilities as Vice Chairman, effective April 25, 2002, the date of the annual shareowners meeting. Together, they will form the Office of the Chairman.
They succeed Chairman and Chief Executive Officer, Ralph S. Larsen, 63, and Robert N. Wilson, 61, Senior Vice Chairman of the Board and Vice Chairman of the Executive Committee.
Mr. Weldon and Mr. Lenehan, both 53, currently serve as Vice Chairmen of the Board. Mr. Weldon leads the Pharmaceuticals Group as well as the Consumer Pharmaceuticals & Nutritionals Group. Mr. Lenehan has responsibility for the Medical Devices & Diagnostics Group and the Consumer & Personal Care Group.
Mr. Larsen said, “this management succession reflects a long-standing practice at Johnson & Johnson of developing outstanding leaders from within our broadly-based, global health care business.” He pointed out that Mr. Weldon and Mr. Lenehan have a combined total of 56 years of service with Johnson & Johnson. “Bill and Jim have held increasingly important positions across the entire face of our Corporation and, between them, have had operational responsibility for the total business for the past year.”
Mr. Larsen will not stand for re-election to the Company’s Board at the upcoming April annual meeting and will retire July 1, 2002 after 38 years of service. Mr. Wilson will stand for re-election at the April meeting and retire from the Company and its Board of Directors in April, 2003, concluding 38 years of service to Johnson & Johnson. Over the next year, as Senior Vice Chairman, he will concentrate on business development, primarily in pharmaceuticals and biotechnology.
Mr. Larsen and Mr. Wilson have served as Johnson & Johnson’s senior executives since 1989. During their 13 years of leadership, sales have increased from approximately $9 billion to $33 billion, and net income rose from $1.0 billion to $5.7 billion at the end of 2001. Return to shareowners over this period has increased at a compounded rate of more than 22% annually with the market value of the Company increasing from approximately $14 billion to more than $182 billion at year-end 2001.
Mr. Weldon will become only the sixth Chairman in the 116-year history of Johnson & Johnson. He joined the Company in 1971 as a sales representative at McNeil Pharmaceutical. After a variety of management positions in both sales and product management, he assumed an international business development assignment for the Southeast Asia region and was stationed in the Philippines. In 1984, he became executive vice president and managing director of McNeil Limited in Korea and, in 1986, managing director of Ortho-Cilag Pharmaceutical Limited in the United Kingdom.
He returned to the United States in 1989 as vice president, sales and marketing for Janssen Pharmaceutica. In 1992, he became president of Ethicon Endo-Surgery, beginning a six-year period during which he gained experience in medical devices, serving as Company Group Chairman and Worldwide Franchise Chairman for Ethicon Endo-Surgery from 1995 through 1998. Mr. Weldon was then promoted to Executive Committee Member and Worldwide Chairman, Pharmaceuticals Group. In February 2001, Mr. Weldon was named to the Board of Directors. He is a graduate of Quinnipiac University.
Mr. Lenehan joined Johnson & Johnson in 1976 as an assistant product director in marketing at McNeil Consumer Healthcare Company. After a series of increasing responsibilities for both consumer and professional marketing, Mr. Lenehan was named McNeil’s president in 1990. In 1993, Mr. Lenehan was named Company Group Chairman and Worldwide Franchise Chairman for Consumer Pharmaceuticals and a member of the Consumer Group Operating Committee. In 1994, he was promoted to Executive Committee member and Worldwide Chairman, Consumer Pharmaceuticals & Medical Devices Group. In 1999, Mr. Lenehan was named Worldwide Chairman, Medical Devices & Diagnostics Group, and in February 2001 he was named to the Board of Directors. Mr. Lenehan earned a BA from Akron University and received an MBA from Northwestern University.
The Company also announced that Robert J. Darretta has been elected a member of the Board of Directors. Mr. Darretta will become Executive Vice President and assume additional responsibility for Information Management. He will continue as Chief Financial Officer. In addition, Michael J. Dormer, Franchise Group Chairman, will become Worldwide Chairman, Medical Devices. These appointments will also be effective on April 25.
Mr. Darretta joined Johnson & Johnson in 1968 and, after a number of financial management assignments, was named Vice President, Finance and member of the Management Board of Ethicon, Inc. in 1978. He was named managing director, Ethicon - Italy in 1985 and President of Iolab - U.S. in 1988. In 1995, he was named Corporate Treasurer and promoted to his current position in 1997.
Mr. Dormer joined Johnson & Johnson in 1976 and held sales, marketing and general management positions in the medical device business in Europe. In 1992, he left to join DePuy, International Ltd. as its president. Mr. Dormer rejoined Johnson & Johnson as Company Group Chairman in 1998 with the merger of DePuy and in 2001 was named Franchise Group Chairman. Both Mr. Darretta and Mr. Dormer remain members of the Executive Committee.
Johnson & Johnson, with approximately 101,800 employees, is the world’s most comprehensive and broadly-based manufacturer of health care products, as well as a provider of related services, for the consumer, pharmaceutical and professional markets. Johnson & Johnson has more than 190 operating companies in 51 countries around the world, selling products in more than 175 countries.