SEC filing sheds light on Goodyear exec compensation
A Securities and Exchange Commission filing submitted by Goodyear Tire & Rubber reveals the tyre maker’s top executives received considerable compensation increases last year, despite the company posting another annual loss.
According to the DEF 14A form, Richard J. Kramer, who took on new offices last year, enjoyed an 82.5 per cent jump in total renumeration to US$10.13 million. Kramer’s base salary was $929,924, up 37 per cent from 2009. “Mr. Kramer was elected as our chief executive officer and president effective April 13, 2010, at which time his base salary was increased from $750,000 to $1,000,000,” the filing stated. On top of this base salary came various additional amounts including stock and option awards plus a $5.65 million ‘non-equity incentive plan compensation.’
Former CEO Robert J. Keegan retired during 2010 and thus his base salary decreased 25 per cent to $922,500. In total, Keegan received financial compensation of $15.3 million from Goodyear, 11 per cent less than in 2009. Arthur de Bok, president of the tyre maker’s Europe, Middle East and Africa Tire business, saw his base salary rise a modest 4.6 per cent to $523,000. De Bok’s total salary increased 47.6 per cent to $4.99 million.
Despite annual sales increasing 16 per cent year-on-year during 2010, Goodyear still posted a net loss of $216 million for the year. While admittedly far smaller than its $375 million net loss in 2009, last year’s red figures are the tyre maker’s third consecutive net loss.