Saturday, September 18, 2010

J&J's Goggins Takes Bullet for CEO Weldon

The New York Times reports that Colleen A. Goggins, who testified this spring before a Congressional committee investigating the recalls, will retire in March. Recall that I likened Googins testimony to that of a deer caught in the headlights (see "Parallels Between BP and J&J") and that J&J's CEO Weldon should take his medicine like a man and appear before Congress (see here). Ninety-three percent (93%) of my readers taking a poll agreed.

The NY Times reported: Mr. Weldon, who did not testify at the first hearing because he was recovering from back surgery, said he would appear for the next round. “I will definitely testify,” Mr. Weldon said. “I wanted to testify at the last one.”

Sure you did Bill. But you let poor Colleen take the bullet for you. I don't imagine that you are giving Colleen a gold watch for her retirement -- although you are probably giving her a golden parachute or maybe one of these?

Here's how it works.

Googins goes before Congress and is not quite truthful: Congress has invited Goggins back to testify because "when you appeared before the committee on May 27, 2010, you testified that you were not aware of the behavior of the contractors who conducted the phantom recall. However, after that hearing the committee obtained a Johnson & Johnson//McNeil document that instructed the contractors how to behave while conducting the phantom recall."

Goggins subsequently announces "her decision" to "retire."

Weldon then announces he will "definitely testify."

During his testimony Weldon will claim no knowledge of the phantom recall and imply that it was something "previous" management was responsible for and since then things have changed.

In other words, Goggins is expected to figuratively use the corporate Hari Kari sword and assume responsibility.

"Ms. Goggins," says the NY Times, "could not be reached for comment."

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