Goodyear CEO gets 18% pay increase

Full story: Akron Beacon Journal

The five top-paid Goodyear Tire & Rubber Co. executives were paid a combined $34.1 million to $34.7 million in 2007, depending on two different compensation formulas.
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ras

Salem, OH

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#1
Mar 8, 2008
 
Must be nice. The rich keep geting richer and the average worker keeps geting poorer. Who says unionized companies are un-profitable
sandy

Mentor, OH

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#2
Mar 8, 2008
 
A BUDDY OF MINE WORKED 30 YEARS AS GY STORE MGR AND GETS 670 A MONTH RETIREMENT. WHY WON'T THE BOARD SHARE WITH NORMAL PEOPLE.

ALSO HIS HEALH CARE IS NOW 350 MONTH
Stacy

Ashtabula, OH

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#3
Mar 8, 2008
 
Wow. That would have kept my husband on for another 68 years at Goodyear based on what they were paying him. Instead, they swept him out in 2003 with many other good employees. He could have worked well into his 109th birthday! Funny, but not funny. Sigh.
TJM

United States

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#4
Mar 8, 2008
 
People wonder what's wrong with the economy - 18% raises? Twenty one million plus income per year? What
in God's name does anyone do in a year to justify that kind of money????
My Dad worked for the rubber comapany for over 41 years and he "retired" on
$176.00 per month plus social security; he then lost almost all of his benefits because the "company" couldn't keep up with costs. What a load of Corporate Crap !!!
John

AOL

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#6
Mar 8, 2008
 
I worked for this company for 35 years. As a retiree on a fixed income, my health care has gone up from $94 per month to $506 per month in the last two years. That combined with the irrational pay of these executives speaks volumes about their integrity. It's past time that Goodyear's board did something to stop the destruction of this once great company.

“Defender of our Constitution”

Since: Nov 07

Westlake, OH

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#7
Mar 8, 2008
 

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He saved the company millions by getting the city, county and state to build a new headquarters building, so he should be justly compensated. Don't forget that the job of a CEO is to increase the price of the shares of the company, thereby increasing shareholder value, and he has been able to do this.
Nifong

Brunswick, OH

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#8
Mar 8, 2008
 

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The rich get richer because they know how to make money. The poor get poorer because they depend on gov't or corporate hand-outs (i.e. I show up for a job, perform an average task, and expect to get paid for just showing up).

Here's what he did to "deserve" it: he raised the market cap over $3B. Five years ago GT was about $4 per share. It closed today at $25.61. He sold a $1.5B division and secured corporate HQ. Any of the whiners on this board ever sold a $1.5B division? Anyone ever added 93% market cap to a public company? BTW - all employees and retirees with GT stock in their portfolios benefited also.

If you add 93% to the company's value, you get bonuses. Note that the lion's share of the compensation is not base salary, but was in stock options which are tied to future performance. His compensation was 0.7% of the valuation that he ADDED to the company. Give him more - he's definitely performing.
John

AOL

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#10
Mar 8, 2008
 
Increasing the price of the shares at the expense of the employees and the retirees only spells doom for the company. It's only a matter of time. It has already sold off most of it's assests, postponing the inevitable.
John

AOL

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#13
Mar 8, 2008
 
May wrote:
<quoted text>
THey are the board... With the most controlling shares. Thats why they keep voting themselfs these nice pay increases.
Keegan, one of thirteen board members, is the only Goodyear employee on the board.

“Defender of our Constitution”

Since: Nov 07

Westlake, OH

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#14
Mar 8, 2008
 
wow wrote:
<quoted text> TO M TRUE PATRIOT I think you are MISSING IT you do not do this by Fn all the people that worked for you for 30- 35- and 40 YEARS, I do not give a damn about the STOCKHOLDERS and I am one !!!
Sure you do. As a CEO, you do whatever it takes to increase the shareholder value. That is your job. If that means shipping jobs out of the US to places where the labor is cheaper, then you do it. If that means restructuring benefits, you do it. Sorry, but with the spoils of capitalism also come some unpleasantries.

Since: Mar 07

Stow, OH

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#15
Mar 8, 2008
 

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This is as it should be. Corporate leaders such as these, are paid to keep their companies viable, competative and in the black.
dspell

Mansfield, OH

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#16
Mar 8, 2008
 

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TJM wrote:
People wonder what's wrong with the economy - 18% raises? Twenty one million plus income per year? What
in God's name does anyone do in a year to justify that kind of money????
My Dad worked for the rubber comapany for over 41 years and he "retired" on
$176.00 per month plus social security; he then lost almost all of his benefits because the "company" couldn't keep up with costs. What a load of Corporate Crap !!!
You people kill me, Congrats to him!! Do you people bitch and complain when a "movie star" makes 20 million for 3 months work, and the movie attendent makes $7.00 an hour? Stop bitching, improve your education, apply your education, and you to will reap the rewards!!! O, I forgot, it's easier to complain, then to actually do!
Alexandra

Wooster, OH

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#17
Mar 8, 2008
 

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I'd think that they could compensate their employees more--and that goes for ALL companies. Without the blue-collar workers, their income isn't possible...you have to have someone doing the dirty work.

I'm not a socialist or anything...but it seems to me that a happy worker is a productive worker, and if you don't value your employees, it shows.
Madeline Alright

United States

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#18
Mar 8, 2008
 
This is what happens when a CEO fills his board with his cronies who will of course approve giant raises for him. No accountability in the corporate world. Disgusting.

“Defender of our Constitution”

Since: Nov 07

Westlake, OH

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#19
Mar 8, 2008
 

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Madeline Alright wrote:
This is what happens when a CEO fills his board with his cronies who will of course approve giant raises for him. No accountability in the corporate world. Disgusting.
Sorry to burst your bubble, Maddie, but you obviously have no idea of how a corporate board works. The board is voted on and approved by the shareholders, not the CEO. The CEO is hired and fired by the board, not the other way around.
Something Wicked

Stow, OH

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#20
Mar 8, 2008
 

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Betamax wrote:
This is as it should be. Corporate leaders such as these, are paid to keep their companies viable, competitive and in the black.
Wow, there it is; now I know the Metro Director/CEO is getting a big fat BONUS! So much for helping out the 22,000 riders, eh?

If I were able to put a curse on these greedy bad-turds I'd condemn them to countless illness and heartbreak: May they never be able to enjoy the riches they've gotten by screwing the faithful workers.

Something Wicked this way comes....

“Defender of our Constitution”

Since: Nov 07

Westlake, OH

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#21
Mar 8, 2008
 

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Something Wicked wrote:
<quoted text>
Wow, there it is; now I know the Metro Director/CEO is getting a big fat BONUS! So much for helping out the 22,000 riders, eh?
If I were able to put a curse on these greedy bad-turds I'd condemn them to countless illness and heartbreak: May they never be able to enjoy the riches they've gotten by screwing the faithful workers.
Something Wicked this way comes....
Spoken like a true Socialist.

By the way comrade, this is the forum for the Akron Beacon Journal -- not Pravda.
dspell

Mansfield, OH

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#22
Mar 8, 2008
 

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Alexandra wrote:
I'd think that they could compensate their employees more--and that goes for ALL companies. Without the blue-collar workers, their income isn't possible...you have to have someone doing the dirty work.
I'm not a socialist or anything...but it seems to me that a happy worker is a productive worker, and if you don't value your employees, it shows.
Just exactly how much more? If a worker was making $40,000.00 and received an 18% increase, that is $7200.00. Now the question is,Would they view that as enough? Answer, NO! They would want 19%! or 20%!
Alexandra

Wooster, OH

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#23
Mar 8, 2008
 
dspell wrote:
<quoted text>
Just exactly how much more? If a worker was making $40,000.00 and received an 18% increase, that is $7200.00. Now the question is,Would they view that as enough? Answer, NO! They would want 19%! or 20%!
Did I give a percentage? No.

How about instead of $7 an hour, maybe $10? A nice, livable wage.

On the flip side, you need to learn how to work with what you get and what you have.
Constant whiner

Salem, OH

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#24
Mar 8, 2008
 
dspell wrote:
<quoted text>
You people kill me, Congrats to him!! Do you people bitch and complain when a "movie star" makes 20 million for 3 months work, and the movie attendent makes $7.00 an hour? Stop bitching, improve your education, apply your education, and you to will reap the rewards!!! O, I forgot, it's easier to complain, then to actually do!
Spoken like a true conservative. What the "CEO" did is not that miraculous. It is not as if he is the only one on the planet that can do his job. The blue collar workers, the ones with there hands on the product just want there fair share.....Let me guess your response....they are already fairly compensated?

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