Tell us, Whitey ( an apt nickname, considering the man's coiffure: he looks like the Abominable Snowman ):
Regarding the individual shareholder, what other subset do they comprise ? Ah, your arrogance blinds you, sir -- they are also CUSTOMERS, aren't they ? How many small holders of JNJ are there ? Hundreds of thousands ? More ? How many, do you suppose, when they are walking the aisle at their local CVS, Stop&Shop or Wal-Mart, see the lower-priced generic, yet, out of "loyalty," had, in the past, selected the more expensive J&J brand item instead ? Times -- they are a' changin', aren't they, Whitey ? You and your paid seat-warmers on the board of directors have dumped upon us, the individual investors, for so long, that loyalty is now gone. To wit: a loss of nearly 20% of OTC sales last year ! How many of these re-directed people owned shares in JNJ ? I'll wager, many. Their stock has been useless for the past decade as an investment vehicle, and now the products which they used to trust and rely upon are of such a dubious quality, the Company has to clear the shelves of them. The JNJ brand name is shunned and avoided, like a dirty manufacturing plant assembly line. Trust, once betrayed, is nearly impossible to regain.
And Whitey's response ? "Recalls are an industry standard."
Saving money and buying a trusted product is a consumer standard. JNJ is toast, sir. You have frittered away any remaining consumer goodwill, and have long since relieved yourself of any shareholder goodwill. You and your BoD yes-men may be able to put one over on the big institutions and secure their votes, but the consumer is heading for the exit. Frankly, your corrosive tenure will take decades to reverse. It is a tragedy, what you have done to this once venerable company.
Recalling CEOs is also an industry standard, and the prerogative of the board of directors.
Weldon is blinded -- and guided -- by his hunger for personal gain and his thirst for unanswerable power. This parasitical relationship with the company lends itself to great comfort, on the part of the executive recipient; as such, Weldon, along with his "rubber stamps," will be particularly difficult to dislodge.
I just received my Proxy and rushed to vote against re-electing this board. Quality problems are unacceptable symptom of poor management and Board of Directors is part of root cause. Now that I have been able to vote I am free to sell my 900 shares.