Retiring Johnson & Johnson CEO Getting Bigger Bonus

Johnson & Johnson says it is bumping up the bonus of retiring CEO Bill Weldon by 55 percent in 2012.

The New Brunswick, N.J., company says Weldon will get a bonus of $3.1 million, up from $2 million in 2011. Weldon's bonus and total compensation were cut in 2011 as Johnson & Johnson suffered through a string of product recalls.

The health care products maker announced Tuesday that Weldon will retire as CEO on April 26. Alex Gorsky will become the company's new CEO and Weldon will remain company chairman. Gorsky is a vice chairman and the head of Johnson & Johnson's medical devices and diagnostics business.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)