Weldon to Succeed Larsen As J&J Chairman

Johnson & Johnson today announced that its board has named William C. Weldon chairman and chief executive officer and James T. Lenehan president in addition to his responsibilities as vice chairman, effective April 25, 2002, the date of the annual shareowners meeting. Together, they will form the office of the chairman.

They succeed chairman and chief executive officer, Ralph S. Larsen, 63, and Robert N. Wilson, 61, senior vice chairman of the board and vice chairman of the executive committee.

Mr. Weldon and Mr. Lenehan, both 53, currently serve as vice chairmen of the board. Mr. Weldon leads the pharmaceuticals group as well as the consumer pharmaceuticals & nutritionals group. Mr. Lenehan has responsibility for the medical devices & diagnostics group and the consumer & personal care group.

“This management succession reflects a long-standing practice at Johnson & Johnson of developing outstanding leaders from within our broadly-based, global health care business,” said Mr. Larsen. He pointed out that Mr. Weldon and Mr. Lenehan have a combined total of 56 years of service with Johnson & Johnson. “Bill and Jim have held increasingly important positions across the entire face of our Corporation and, between them, have had operational responsibility for the total business for the past year.”

Mr. Larsen will not stand for re-election to board at the upcoming April annual meeting and will retire July 1, 2002 after 38 years of service. Mr. Wilson will stand for re-election at the April meeting and retire from the company and its board in April, 2003 concluding 38 years of service to Johnson & Johnson. Over the next year, as senior vice chairman, he will concentrate on business development, primarily in pharmaceuticals and biotechnology.

Mr. Larsen and Mr. Wilson have served as Johnson & Johnson’s senior executives since 1989. During their 13 years of leadership, sales have increased from approximately $9 billion to $33 billion and net income rose from $1.0 billion to $5.7 billion at the end of 2001.

Mr. Weldon will become only the sixth chairman in the 116-year history of Johnson & Johnson. He joined the Company in 1971 as a sales representative.

Mr. Lenehan joined Johnson & Johnson in 1976 as an assistant product director in marketing at McNeil Consumer Healthcare Company.

J&J also announced that Robert J. Darretta has been elected a member of the board. Mr. Darretta will become executive vice president and assume additional responsibility for information management. He will continue as chief financial officer. In addition, Michael J. Dormer, franchise group chairman, will become worldwide chairman, medical devices. These appointments will also be effective on April 25.