AKRON, Ohio (AP) — Goodyear Tire and Rubber Co.'s top executive saw his compensation rise 69 percent in 2010 as he assumed new leadership roles.
Chief Executive Richard Kramer received compensation of $8.5 million in 2010, up from $5 million in 2009. Kramer became CEO in April and chairman in October. He took over for Robert Keegan, who retired.
The Akron, Ohio-based company lost $216 million in 2010, including a $160 million charge to close a plant in Union City, Tenn., that employs nearly 2,000 people
The Associated Press calculated Kramer's pay based on regulatory filings with the Securities and Exchange Commission. The AP formula is designed to isolate the value the company's board placed on the executive's total compensation package and is often different from what companies report to regulators.