J&J Lowers Exec Bonuses, Citing 'Disappointments'
Johnson & Johnson has lowered planned bonuses by 10 percent for new CEO Alex Gorsky and other top executives.
The giant health products maker cited a "mix of short-term successes and disappointments" last year, including its failure to get many of its recalled nonprescription medicines back into stores as quickly as promised.
Still, Gorsky received total compensation worth $8.93 million, up about 62 percent from the $5.52 million total he received in 2011, based on an analysis of regulatory documents filed Wednesday. Gorsky was promoted from vice chairman to chief executive last April 26.
The Associated Press compensation formula combines salary, bonuses, perks and stock and options awarded during the year. It doesn't include changes in the present value of pension benefits.