Goodyear Tire & Rubber Co 8-K, filed Apr 3, 2020
Goodyear Tire & Rubber Co (GT)
About this 8-K
Goodyear Tire & Rubber Co filed this 8-K on April 3, 2020, reporting on events of April 2, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 2, 2020, The Goodyear Tire & Rubber Company (the “Company”) announced actions that the Company has taken that will affect the compensation of its U.S. salaried associates, including all of its elected officers.
With respect to its elected officers, effective April 1, 2020, each officer’s base salary will be reduced until at least June 30, 2020, with a portion of the reduction in base salary to be deferred. Deferred amounts are anticipated to be paid in March 2021. For Mr. Kramer, the Company’s Chairman, Chief Executive Officer and President, the base salary reduction will be 50% of his total base salary, with 25% of his total base salary deferred. For each of the other named executive officers, the base salary reduction will be 30% of their respective total base salary, with 20% of their respective total base salary deferred.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE GOODYEAR TIRE & RUBBER COMPANY | ||||||
| Date: April 3, 2020 |
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/s/ Daniel T. Young | ||||
| Daniel T. Young | ||||||
| Secretary | ||||||