As Bill Weldon leaves the headquarters of Johnson & Johnson (NYSE: JNJ), probably many years from now, he will know that his tenure will be remembered for hip replacement and children’s Tylenol recalls and not good earnings reports.
Weldon, only 63, was replaced as CEO today, but will stay chairman. Weldon’s replacement, Alex Gorsky, is only 51. He has been Vice Chairman of the Company’s Executive Committee with responsibility for the Medical Devices & Diagnostics Group, Global Supply Chain, Health Care Compliance & Privacy and Government Affairs & Policy. In the normal course of things, he probably could have waited a few years for the promotion.
But, it is not the normal course. J&J once had a sterling brand image. It will be tarnished for years by the recalls.
Over the last five years, the J&J share price is flat
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