AKRON (March 2, 2009)-Goodyear's top executives did not take performance-related bonuses for the most recent year, according to information in the company's proxy statement filing with the Securities and Exchange Commission.
The top officers all took base salary raises of around 3.5 percent, with the exception of Arthur de Bok who received a 13.6-increase, following his appointment as president of the firm's expanded Europe, Middle East and Africa business unit. That unit was formed in the first quarter of 2008 by combining the former European Union and Eastern Europe, Middle East and Africa business units.
The executives' base salaries are below the median, according to an agreement with the United Steelworkers union.
Goodyear also offers performance-related bonuses, ranging from zero to double the base salary depending on performance, to 730 executives. In 2007 the company's top five executives-Chairman and CEO Robert Keegan; Darren Wells, executive vice president and chief financial officer; C. Thomas Harvie, vice president and general counsel; de Bok; and former CFO Mark Schmitz-received $5.84 million in bonuses combined.
The proxy does show the top executives' salaries last year were: Keegan, $1.22 million; Wells, $348,660; Harvie, $500,000; de Bok, $495,000; and Schmitz, $407,549.