Goodyear reveals board members' remuneration

ERJ staff report (DS)

New York - Goodyear has revealed in an SEC filing the compensation paid to its top board members. The company froze base salaries,while bonuses fell significantly for most of the top executives. Goodyear said it adjusted its incentive scheme to encourage strong cashflow, and downplayed the importance of the EBIT criterion.

For Bob Keegan, outgoing chief executive, the nominal salary was $1.227 million and this was frozen, but Keegan received a performance-related bonus of $2.283 million, the maximum award possible under the management incentive plan. Last year he received a bonus of $4.6 million.

Darren Wells, Executive Vice President and Chief Financial Officer received a bonus of $600 000 under the performance recognition plan in addition to his base salary of $450 000. Last year the bonus was $400 000, while salary was $348 000.

Richard Kramer, Chief Operating Officer, saw his salary increase to $$750 000 from $580 000 following an increase in responsibilities and also received a bonus of $981 329, down from last year's figure of $1.1 million.

Arthur De Bok, President, Europe, Middle East and Africa, had his salary of $500 000 frozen, but he also received a bonus under the Management incentive plan, adding $589 500 to his total compensation, this compares with last year's figure of $770 000.

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SEC filingSeacrh on “Compensation”