William Weldon actually said (verbatum): "recalls are standard in our industry."
Unbelievable! What a putz.
I cannot believe a CEO of a drug company would actually say that. He seemed very uncomfortable and in over his head.
Kind of reminded me of a used car salesman.
I have, and never will have unless it's in some 401K mutual fund I have, an investment in this company.
Weldon's legacy is among other things : recalls in pharma OTC and devices, failed Guidant acquisition and getting outsmarted by BSX, Conor Medical purchase, Cordis failure to own DES market, oh and how about that shareholder rate of return....should I keep going?
How long until the lawsuits start over the recalled products? Somewhere someone will claim they have been harmed.
Weldon has overseen the demise of this company's once great reputation.
I keep seeing JNJ recommended so I check it out once in a while. I am still glad I sold out last year at $63
once you agree to an 'on air' TV interview, you've got to have a plan. There was no other way to rationalize JNJ's failures but to attempt to establish a base whereby "everybody is sometimes not necessarily negligent but compromised- these things happen in the business world". The other tact is to not accept the invite and stay mute. Weldon does not realize it but he's DONE. Put a fork in him. His demise will take place within the next year or so. Its the only appropriate action that has always occurred in instances like this.
Did he look orange like John Boehner? Everytime I've seen him speak in person he looked orange and well rested. Like he plays a lot of golf etc. He certainly didn't get that tan by running the company.
He does come accross as some what of a nimrod, I have never owned shares of JNJ, however, I have always thought it would make an excellent long term investment. After listening to Weldon, I am having mixed feelings, he reminds me of Kindler from PFE, another Putz that collected millions of dollars to destory the Company share price.Possibly if JNJ takes a hit for another 5% or so, it may prove a good entery point.