J&J Chief (Partially) Steps Down

Johnson & Johnson's William Weldon is to resign his role as the company's chief executive, reports The New York Times. Weldon will remain chairman. "The news of Mr. Weldon's retirement comes as Johnson & Johnson has struggled to emerge from a swarm of product recalls, manufacturing lapses, and government inquiries that tarnished the name of a company that was once one of the nation's most trusted household brands," the Times says, adding that Weldon took the brunt of the blame. He will be succeeded by Alex Gorsky, who currently leads the company's medical device and diagnostics business.