Processing Magazine

Goodyear CEO Gets Compensation Worth $14 Million

March 16, 2010

The Associated Press reports that the chairman and outgoing chief executive of Goodyear Tire & Rubber Co. received a pay package valued at $14 million in 2009, a 40 percent increase from the year before, according to an Associated Press analysis of a regulatory filing. Robert Keegan''s raise came mostly in his performance-linked bonus, which was more than double what he received in 2008. Goodyear''s stock price also more than doubled in 2009, a year in which its sales slumped and it reduced its work force as demand for new tires fell in the struggling economy. The filing with the Securities and Exchange Commission on Monday showed Keegan, 62, received a base salary of about $1.2 million little changed from the year before, and a performance-based bonus of $9.5 million, up from $4.6 million in 2008. He also received stock awards and options valued at $3.1 million on the date they were granted. Other compensation, including personal use of a company aircraft and premiums on life insurance policies, totaled $132,427. In 2008, Keegan received compensation valued at $10 million.