NEW YORK (AP) -- Johnson & Johnson Chief Executive William Weldon has declined a raise in his salary in 2009, according to a Friday filing with the Securities and Exchange Commission.
"While the compensation committee had recommended a merit increase in Mr. Weldon's base salary for 2009 based on his strong performance in 2008, Mr. Weldon recommended to the compensation committee that his salary for 2009 stay the same as it was for 2008, in recognition of the current global economic environment," the health care products company said in the filing.
Weldon will receive a base salary of just over $1.8 million. The board approved a bonus of $3.7 million, with 85 percent of that in cash, for his 2008 performance. He was also granted options for 627,464 shares of common stock with an exercise price of $58.33 apiece.
Meanwhile, Chief Financial Officer Dominic Caruso will receive $727,000 for a base salary in 2009 and was awarded a $900,000 bonus.