Johnson & Johnson (JNJ), 1 Johnson & Johnson Plaza, New Brunswick 08903; 732-524-0400; fax, 732-214-0332. Alex Gorsky, CEO. www.jnj.com.
Johnson & Johnson chairman Bill Weldon will step down at the end of this month, the company said on November 30. Weldon, who will end his tenure as chairman on Friday, December 28, and said he plans to retire during the first quarter of 2013, will be replaced as chairman by Alex Gorsky. Gorsky was appointed to replace Weldon as CEO in April.
Weldon stepped down as chairman earlier this year following a a string of recalls of some of the company’s best-known drugs. Beginning in 2009 there were more than two dozen recalls, including over the counter Tylenol, Motrin, and Benadryl.
Presiding director James Cullen said that the board, “gave thoughtful and rigorous consideration to our governance structure and determined that combining the chairman and CEO positions under the strong leadership of Alex Gorsky will benefit all our stakeholders.”
The company also said it plans to expanding the responsibilities of the presiding director to include more involvement in stakeholder communications, board and executive performance evaluations, and succession planning. The duties and responsibilities of the position, which will carry the title of lead director, will be detailed in the company’s 2013 statement of proxy.
Gorsky, who earned a BS from West Point in 1982 and an MBA from the Wharton School in 1996, began his career in pharma as a sales representative. He has held various roles in sales, marketing, and general management.
Gorsky has been the worldwide chairman of J&J’s Surgical Care Group since 2009 and served for 15 years in various roles with Janssen Pharmaceutica, a Johnson & Johnson unit. He left Johnson & Johnson in 2004 to work for Novartis Pharmaceuticals and returned in 2008.
Mercer County Community College, 1200 Old Trenton Road, West Windsor 08550; 609-586-4800; fax, 609-570-3845. Patricia Donohue, president. www.mccc.edu.
Gwendolyn Harris has been elected chair of the Mercer County College board of trustees during. Harris, who previously served as board vice chair, succeeds Mark Matzen, who did not seek a second term.
“These are exciting times for Mercer County Community College, with the recent expansion of the Trenton campus and the addition of several new programs, both in Trenton and West Windsor,” said Harris, who is the executive director of the Walter Rand Institute for Public Affairs at Rutgers University-Camden. She also served as commissioner of the state Department of Human Services.
Princeton Financial Systems, a State Street Company, 600 College Road East, Fourth Floor, Princeton 08540; 609-987-2400; fax, 609-514-4794. James Russo, president. www.pfs.com.
College Road-based Princeton Financial Systems, a provider of accounting, compliance and reporting products for the investment industry, will provide its MIG21 compliance platform to Administradora de Fondos de Pensiones Habitat (AFP).
The system will help serve the investment compliance needs for AFP — the second largest pension fund in Chile’s private pension system. According to a company release, MIG21 optimizes and automates pre-trade and post-trade investment compliance checking, and improves the administration of regulatory, prospectus, and internal investment guidelines and resolution workflows.
“The MIG21 platform supports the evolving needs of firms around the world dealing with multiple jurisdictions, asset classes, and funds. Princeton Financial’s extensive background in the industry provides us with a deep understanding of the constant challenges faced by our global clients,” said Christian J. Farber, chief marketing officer of Princeton Financial Systems.
Princeton Power Systems Inc., 3175 Princeton Pike, Lawrenceville 08648; 609-955-5390; fax, 609-751-9225. Marshall Cohen, CEO. www.princetonpower.com.
Princeton Power Systems, manufacturer of alternative energy products, has received a federal grant for the development of a two-megawatt inverter for the U.S. Department of Energy’s SunShot initiative.
Since SunShot was launched in 2007 as an effort to reduce the cost of installing solar arrays by 75 percent through technology innovation, more than 50 small businesses have received a total of $92 million in government funding.
To shorten the length of time between the development and the full-scale manufacturing of its two-megawatt solar inverter technology, Princeton Power has received a $1 million grant from the DOE and will invest $318,700 of its own funds.
“Typically a system of this size would require several different parts such as multiple inverters, separate transformers, and disconnects,” said Darren Hammell, Princeton Power Systems executive vice president. “What we have managed to develop is an inverter that incorporates energy storage capabilities with an integrated high-frequency transformer, merging the power and capability of six inverters into one enclosure.”
MiddleLINK Technologies LLC, 379 Princeton-Hightstown Road, Building 1, East Windsor 08512-2960; 609-751-9552; fax, 609-301-8906. Upendra Shah, CEO. www.middlelink.com.
DHIRA Middle Office Solutions, an East Windsor-based financial software products firm, has changed its name to MiddleLINK Technologies.
The company specializes in providing profitability, productivity, risk, and compliance solutions to agency broker/dealers, hedge funds, prime brokers, and trading and clearing firms.
“I think our new image reflects who we are and what we do,” said Upendra Shah, co-founder and CEO. “We have also modularized our product so that it is easier than ever for a company to utilize our services, whether it be only for our expense management or real-time portfolio margin product. We can now bring products to the consumer at a lower price point.”
The company also announced that it has introduced a new billing software — BillingLink, stating that it is the first platform to offer trade affirmation and dispute resolution in a communications portal.
#b#New in Town#/b#
iSite Technologies, 379 Princeton-Hightstown Road, Building 1, first floor, Cranbury 08512; 484-585-1203; fax, 484-518-0800. www.isiteinfo.com.
iSite Technologies, a provider of IT services and solutions, has moved to 379 Princeton-Hightstown Road. The company, which also develops enterprise software, is based in King of Prussia, PA.
Actress Amy Locane-Bovenizer, 40, was convicted of vehicular homicide by a jury in state Superior Court on November 27 in connection with a fatal accident on Cherry Valley Road in June 2010.
Locane-Bovenizer, a resident of Hopewell who is most famous for her role on the television series Melrose Place, was acquitted of a second and more serious charge, aggravated manslaughter.
Locane-Bovenizer slammed into the passenger side of an SUV driven by Fred Seeman with his wife, Helene Seeman, a passenger, in front of the couple’s Montgomery Township home, killing her and seriously injuring him. Police found her to be drunk at the time of the accident, with a blood-alcohol content of three times the legal limit of .08.
She faces 5 to 10 years in prison on the vehicular homicide count and must serve a minimum of 85 percent of that sentence without parole. She also faces three to five years in prison for her conviction on a second count of assault by auto, which stemmed from injuries to Fred Seeman. Sentencing is set for March 1.
Robert J. Solomon, 88, on November 21. He worked at Educational Testing Service between 1952 and 1988. Solomon served as director of test development, vice president for testing , and executive vice president. He also served on the board of trustees for Princeton Day School.