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Goodyear CEO Keegan took 50 pct pay cut to $10M
Goodyear Tire & Rubber Co. Chief Executive Robert Keegan received a pay package valued at $10 million in 2008, less than half the pay he took home the year before, according to a regulatory filing on Friday.
Keegan, who is also Goodyear's chairman, took no performance bonus for the year. The Akron, Ohio-based tire maker said he received a 3 percent raise to his base pay to $1.2 million. He received a $4.6 million bonus for the company's performance over the past three years and $4.1 million in stock awards and options.
Other compensation, including Keegan's personal use of a company plane and premiums on life insurance policies covering Goodyear's obligation to a charitable donation, totaled $131,782.
In 2007, Keegan took home $21.2 million in total compensation, according to a calculation by The Associated Press.
The AP's total pay calculations include executives' salary, bonus, incentives, perks and the estimated value of stock options and awards granted during the year.
The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.
The announcement of Keegan's reduced pay comes as Goodyear, the biggest U.S. tire maker, works to cope with a steep downturn in sales. Demand for new tires has been falling as auto sales tumble, while the market for replacement tires is also down because people are driving less.
Last week, Goodyear said it lost $330 million in the fourth quarter and said it would cut 5,000 jobs, or 7 percent of its work force. It also said it was freezing salaries, placing restrictions on some spending and implementing purchasing strategies aimed at lowering raw materials costs. The company already cut about 4,000 jobs in the second half of last year.
For all of 2008, Goodyear lost $77 million, or 32 cents per share, versus a profit in 2007 of $602 million, or $2.65 per share.
Goodyear issued its proxy filing after the close of trading on Friday. Shares of Goodyear on Friday fell 37 cents, or 7.7 percent, to close at $4.44. The stock has lost 85 percent since hitting a 52-week high of $30.10 last April.
Keegan, who is also Goodyear's chairman, took no performance bonus for the year. The Akron, Ohio-based tire maker said he received a 3 percent raise to his base pay to $1.2 million. He received a $4.6 million bonus for the company's performance over the past three years and $4.1 million in stock awards and options.
Other compensation, including Keegan's personal use of a company plane and premiums on life insurance policies covering Goodyear's obligation to a charitable donation, totaled $131,782.
In 2007, Keegan took home $21.2 million in total compensation, according to a calculation by The Associated Press.
The AP's total pay calculations include executives' salary, bonus, incentives, perks and the estimated value of stock options and awards granted during the year.
The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.
The announcement of Keegan's reduced pay comes as Goodyear, the biggest U.S. tire maker, works to cope with a steep downturn in sales. Demand for new tires has been falling as auto sales tumble, while the market for replacement tires is also down because people are driving less.
Last week, Goodyear said it lost $330 million in the fourth quarter and said it would cut 5,000 jobs, or 7 percent of its work force. It also said it was freezing salaries, placing restrictions on some spending and implementing purchasing strategies aimed at lowering raw materials costs. The company already cut about 4,000 jobs in the second half of last year.
For all of 2008, Goodyear lost $77 million, or 32 cents per share, versus a profit in 2007 of $602 million, or $2.65 per share.
Goodyear issued its proxy filing after the close of trading on Friday. Shares of Goodyear on Friday fell 37 cents, or 7.7 percent, to close at $4.44. The stock has lost 85 percent since hitting a 52-week high of $30.10 last April.
