Mesh Medical Device News Desk, April 19, 2017 ~ The time and place for a peaceful rally over Johnson & Johnson’s mesh implants is set for April 27, 2017, at the State Theater, 15 Livingston Ave. New Brunswick NJ. 9:15 am doors open.
Johnson & Johnson plans its annual shareholders meeting on April 27 and women and their families from around the country are planning to converge outside of the State Theater to voice their concern over the company’s troubling products.
The shareholders meeting will be broadcast as a live webcast at www.investor,jnj.com under Webcasts & Presentations. It will remain available for three months.
The meeting will see the annual election of board directors. During the presentation, by CEO Alex Gorsky, they will listen to the operational sales growth and reports on shareholder returns.
Gorsky, the CEO since April 2011, receives an annual bonus set at 135% of target goals. Add that to direct compensation in 2016 and Gorsky received $22,228,019. The CEO has his pay aligned with company performance. There is no automatic or guaranteed annual salary increase.
Board members are compensated $200-$300,000. Their role is to provide independent oversight of management and the CEO. Alex Gorsky is CEO and Chair of the Board of Directors. There will be a proposal requiring the Chairman of the Board to be an independent director to minimize any potential conflict of interest. P. 88 Ultimately the decision will be made depending on what leadership structure serves the interests of J&J and its stakeholders.
Gorsky has been deposed to provide information on the Ethicon transvaginal mesh litigation in New Jersey. See the MND story here.
See the Facebook page for MAM (Mesh Awareness Movement) for rally information.
At the peaceful protest there will be a film crew chronicling the protest for a documentary based on Patient Safety. The rally expects to also see those whose lives have been affected by the J&J drug, Risperdal, Depuy Pinnacle Hip Implants, Power Morcellators, Levaquin, etc. for this event.
The film crew will also be conducting personal interviews from anyone who would like to participate in this documentary by sharing your personal experience.
There is a GoFundMe option to help defray costs from those in attendance. It is overseen by MAM.
Three years ago, mesh injured plaintiffs and their families gathered at the Boyd federal courthouse in Charleston, WV for the first peaceful protest of mesh manufacturers.
Johnson & Johnson’s Ethicon division has nearly 40,000 cases filed in that consolidated federal court.
There are another 10,000 filed in a state court in New Jersey as well as various state courts around the country and overseas in Ireland, Scotland, the UK, Israel, Australia etc. J&J/Ethicon remains the manufacturer with the largest numbers of product liability cases filed in the U.S.
Mr. Gorsky was the head of Janssen Pharmaceuticals when Risperdal, the antipsychotic, was sold to nursing homes and for use in children. It cased strokes in the elderly and caused boys to grow large breasts. Data was concealed while the marketing and market share grew with help of a sales force called ElderCare.
Eventually J&J got caught and paid more than $2 billion in penalties and settlements. The lawsuits continue but Risperdal brought J&J some $30 billion in sales, so overall is on the profitable side.
After a brief time with Novartis, he returned to J&J in 2008 to head the Ethicon medical device division. By 2009 Gorsky, became worldwide chair of medical devices and diagnostics.
Mr. Gorsky earned $25 million in 2014. ### ###
Mesh Rally, April 23, 2014