Cooper Tire & Rubber doubles CEO pay | Business
By Lou Wilin - Findlay Courier Staff Writer
FINDLAY, OH (The Courier) - Cooper Tire & Rubber Chief Executive Roy Armes' compensation more than doubled last year to $6.9 million.
Armes' compensation parallels Cooper's profit, which soared in 2012.
Forty-four percent of Armes' pay last year -- $3 million -- was a performance-based bonus.
In 2011, when Cooper Tire's profit shrank by 13 percent, Armes' compensation deflated 36 percent to $3 million. Armes got no performance-based bonus that year.
Armes' 2012 compensation included a $1 million salary, $857,375 in stock awards, and $1.6 million in stock options, the company said in a report to the Securities and Exchange Commission.
He received $374,665 in other perks, including $334,488 in company contributions to his retirement plan; $14,826 for personal and family members' travel; $11,434 for an executive physical; and $3,566 in financial planning services.
Compensation about doubled for most top executives at Cooper. North American Tire Operations President Christopher Ostrander was the exception.
His compensation was halved.
The point man for the late 2011-early 2012 lockout of unionized Findlay workers received $1.4 million, or 51.5 percent of what he got in 2011, despite ballooning profits in North America. Operating profit in North America shot up 282 percent to nearly $296 million.
"North America is performing very well and it's putting a lot more pressure on the Chinese, or the Asian portion" of Cooper's competition, Armes said a month ago.
Ostrander's compensation last year included a $394,317 salary, $106,422 in stock awards, $263,880 in stock options, and a $512,612 performance-based bonus. He received no such bonus in 2011. But he got nearly $1.6 million more in stock awards in 2011 than in 2012.
Other perks paid to Ostrander last year totaled $105,407, including $74,949 in company contributions to his retirement plan, $16,346 for personal and family members' travel, $4,750 in financial planning services and $1,430 for an executive physical.
Chief Financial Officer Bradley Hugwhes' compensation doubled last year to $1.8 million.
His 2012 compensation included a $448,317 salary, a $798,120 performance-based bonus, $175,094 in stock awards and $263,880 in stock options.
Hughes received $114,144 in other perks, including $103,009 in company contributions to his retirement plan, $8,530 in financial planning services and $2,605 for an executive physical.
Chief Human Resources Officer Brenda Harmon's compensation grew 90 percent to $1.4 million.
Her compensation included a $376,590 salary, a $559,601 performance-based bonus, $148,922 in stock awards and $241,890 in stock options.
She received $86,051 in other perks, including $77,371 in company contributions to her retirement plan, $6,705 in financial planning services and $1,975 for an executive physical.
International Tire Operations President Harold Miller's compensation rose by 87 percent in 2012 to $1.6 million.
Miller's compensation included a $382,317 salary, a $637,645 performance-based bonus, $214,014 in stock awards and $263,880 in stock options.
He received $87,686 in other perks, including $79,028 in company contributions to his retirement plan, $5,450 in financial planning services and $3,207 for an executive physical.
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