Amid Scandals, J&J CEO's Pay Was Too High: Suit

By Richard Vanderford (September 2, 2011, 5:51 PM EDT) -- A Johnson & Johnson shareholder on Thursday filed suit claiming the company's board of directors sold them out by giving CEO William Weldon a "lavish and extreme" salary as he presided over a series of scandals.

Share prices at J&J have remained flat during Weldon's nine-year tenure and the company has lurched through a series of embarrassing problems under his leadership, the shareholder, the George Leon Family Trust, said in its complaint.

"J&J's reputation and brands have suffered unprecedented harm under Weldon's leadership," it said.

The suit adds to a long list of actions that have questioned the board's recent leadership,...

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