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

Weldon told analysts J&J's fourth-quarter revenue was reduced across the board by the global recession, as people cut back on doctor visits, elective surgery and use of prescription medicines. He noted that sales of consumer items such as contact lenses dropped as "consumers are becoming more frugal."

Despite those pressures, net income for all of 2008 climbed 22 percent to $12.95 billion, or $4.57 per share, and revenue rose 4.3 percent, to $63.75 billion.

The company also agreed to buy breast implant and cosmetic product maker Mentor Corp.

The proxy, sent out ahead of the company's April 23 annual meeting, includes one shareholder proposal on giving an advisory vote to shareholders on executive compensation policies. The company said it opposes the proposal, and suggests shareholders weigh in on compensation by communicating directly with the board.

J&J shares rose 12 cents to close at $47.90 Wednesday. Since peaking at $72.76 in early September the stock has slipped more than 34 percent, and bottomed earlier this week at $46.62.

(This version CORRECTS the company's closing stock price and 52-week range.)