Rich Kramer, CEO and chairman of Goodyear Tire & Rubber Co., is taking a 50% pay cut – while other senior executives will have their pay cut 30%, with portions of those cuts as deferments – as a reaction to the negative economic effects of COVID-19, the Canton Repository reported April 3 and Goodyear confirmed April 7.
Other managers will be taking smaller salary reductions. The Canton Repository also reported Goodyear is furloughing employees, cutting salaries, which is affecting all 4,000 of Goodyear’s U.S. employees, some 60% of whom work in Akron and others around the world.
In addition, Goodyear is currently extending the temporary suspension of operations at all Americas manufacturing plants until further notice.