GOODYEAR CEO receives $1.5 million in salary, bonus

AKRON (AP) -- Financially struggling Goodyear Tire & amp; Rubber Co. rewarded its chief executive officer with $1.5 million in salary and bonus last year, according to documents filed with the U.S. Security and Exchange Commission.
The Akron tire company said Robert J. Keegan deserved the pay because he has helped Goodyear make progress in turning around its finances, improving relations with independent tire dealers and signing a new labor agreement with the United Steelworkers of America, among other things.
Under Keegan, Goodyear went through one of its most turbulent years, restructuring more than $3 billion in loans to avoid a liquidity crunch, slashing 6,000 jobs and closing or scaling back factories around the world.
The company saw its losses narrow last year to $802 million compared with $1.1 billion in 2002.
According to the company's proxy statement filed late Wednesday, Keegan had $1 million in salary and a $509,200 bonus. That compares with $840,000 in salary and no bonus in 2002, when he was president and chief operating officer.
Keegan was promoted to CEO in January 2003.