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William C. Weldon

CVS Names Former J&J CEO Weldon to Board

CVS Caremark Corp.'s (CVS) board has elected former Johnson & Johnson (JNJ) Chairman and Chief Executive William C. Weldon as a new member.Mr. Weldon retired from the health-care giant last year after taking on the chairman and CEO posts about 11 years ago. Before that, he worked in several senior positions over his 41-year tenure at the company. He is also a director of J.P. Morgan Chase & Co.The drugstore retailer and pharmacy-benefits manager said Friday it directly purchased about $740 million of products from Johnson & Johnson last year. It also bought Johnson & Johnson products through third parties, such as drug wholesalers. In addition, Johnson & Johnson paid CVS certain rebates for prescription drug dispenses made by CVS.Mr. Weldon wasn't involved in the negotiation of any purchases, sales, contracts or business arrangements between the two companies, CVS said.Earlier Friday, CVS disclosed in a regulatory filing that the total pay for its chief executive and president, Larry M...

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