J&J trimmed CEO's pay 9 percent amid 2010 recalls

Johnson & Johnson lowered Chief Executive William Weldon's total compensation by 9 percent last year, as revenue declined and an unprecedented string of recalls continued to batter the reputation of company medicines like Tylenol and other household brands.

The New Brunswick, N.J.-based company awarded Weldon a package worth $23.2 million. The company disclosed the pay Wednesday in a regulatory filing.

The maker of Band-Aids, baby shampoo and biologic drugs saw its revenue fall in 2009 and 2010. Previously the company had seen steady sales growth every year since the Great Depression.

The AP's executive pay calculation aims to isolate the value the company's board placed on the CEO's total compensation package. The figure includes salary, bonus, incentives, perks and the estimated value of stock options and awards.