J&J CEO Got $23 Million In Compensation For 2008

Weldon, who began his career at Johnson & Johnson in 1971, also received other compensation totaling $3.93 million. That included $3.6 million in long-term compensation called dividend equivalents, $80,641 in contributions to his retirement plan and $184,165 in various perks, from $154,045 for personal use of company aircraft to $26,595 for a car and driver.

The Associated Press' compensation formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.

J&J makes everything from Band-Aids and baby shampoo to contraceptives and medicines made from living cells. Last year, it substantially completed a restructuring plan that cut nearly 5,000 jobs, but dealt with falling sales for some drugs facing generic competition, particularly schizophrenia drug Risperdal, and for its artery-opening stents, which faced efficacy and safety questions.