AKRON—Goodyear is cutting the compensation of its salaried employees in the U.S., including all of its elected officers, through at least June 30, while the company deals with the impact of the COVID-19 pandemic.
Goodyear spelled out the salary reductions for Richard Kramer, chairman, president and CEO, and other "named" executive officers but did not specify the scale of the cuts for other salaried employees nor say how many employees are affected.
With respect to its elected officers, a portion of the reduction in base salary will be deferred, and are "anticipated to be paid" in March 2021.
Kramer will incur a 50 percent cut of his total base salary, with 25 percent of his total base salary deferred.
For each of the other named executive officers, the base salary reduction will be 30 percent of their respective total base salary, with 20 percent of their respective total base salary deferred.
Kramer's base salary in 2017-2019 was $1.3 million a year, according to Goodyear's 2020 Proxy Statement.