http://www.nj.com/business/index.ssf/2009/11/jj_ceo_william_weldon_pays_845.htmlBy Ed Silverman
November 3rd, 2009 3:07 pm
Just a week before announcing that Johnson & Johnson will cut some 8,000 jobs, J&J chair and chief executive Bill Weldon plunked down $8.45 million for two adjacent vacant waterfront lots in North Palm Beach, Fl., and he bought them from former General Electric chair and chief executive Jack Welch, according to The Palm Beach Daily News and brought to our attention by Bnet.
The properties are listed as 1264 Lake Worth Lane in Lost Tree Village with 113 feet of water frontage for $2.975 million and 1284 Lake Worth Lane, with 111 feet of frontage, for $5 million, according to the Property Appraiser’s Office records, the paper writes. Several realtors advertise exclusive properties in the enclave (see here and here).
One of the realtors has this to say: “Lost Tree…is known for its Ocean, intracoastal, golf course, and lake views…There are homes on Lake Worth with wide water views and deep water ocean access, golf cottages located near the private golf course, and homes on interior lakes in this beautiful community. Lost Tree offers a private 18 hole golf course, 8 tennis courts, private beach…a beautiful beach club with a private restaurant open 2 days a week for dinner and for lunches most of the year.”
As for J&J employees? Some will be canvassing severance packages, COBRA health plans and, possibly, unemployment benefits. “These types of changes are difficult under any circumstances, and will have a very personal impact on people who have been dedicated to the mission of Johnson & Johnson,” Weldon says in today’s statement about the reorganization. Well, if nothing else, he’s stimulating the economy, albeit a well-to-do pocket.
RELATED:
Wall Street Journal | Johnson and Johnson Plans Staff Cut Of Up to 8,200 Jobs
Johnson & Johnson (JNJ) announced several restructuring moves Tuesday, including cutting its workforce of nearly 120,000 employees by up to 7 percent. J&J will take other restructuring moves in order to save up to $900 million next year. While the job cuts prompted a restructuring charge of up to $1.3 billion pretax in the fourth quarter, J&J confirmed guidance. JNJ shares climbed some 2 percent ahead of the bell.
