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J&J's Weldon replaced by CEO

Health products giant Johnson & Johnson said its chairman, Bill Weldon, will step down later this year and retire after a transition period early next year. Alex Gorsky, who assumed the CEO post from Weldon in April, will also head the board. But the company, which has faced a string of suits and recalls related to various drugs and replacement joints, is giving more power to its lead independent director, including executive performance reviews, agenda-setting and succession planning. Shares rose 0.7%.