BY PETER LOFTUS

The value of Johnson & Johnson Chief Executive William Weldon's total compensation for 2010 dropped 7% from 2009, as his performance bonus was reduced to reflect the health-care company's series of product recalls and a second consecutive year of a decline in overall sales.

Mr. Weldon's total compensation was valued at $28.7 million for 2010 versus $30.8 million for 2009, according to J&J's proxy statement filed Wednesday with the Securities and Exchange Commission.

As reported in J&J's annual report last month, Mr. Weldon's performance bonus was reduced 45% for 2010 to $1.98 million.

J&J, which is based in New Brunswick, ...