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Goodyear CEO Takes Pay Cut in Light of COVID-19

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.

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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.

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