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New Cooper Boss’ Compensation Outlined

(Akron/Tire Review) Dow Jones reported that new Cooper Tire & Rubber Co. president and CEO Roy Armes will have an annual salary of $700,000 when he starts on Jan. 1, 2007.

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The former Whirlpool Corp. executive received a three-year contract, said the report, and will also receive other compensation and benefits normally extended to Cooper executives.

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The Dow Jones report cited Cooper filings with the Securities & Exchange Commission.

According to those filings, Armes will be eligible for incentive pay of 85% to 170% of his base salary, based on performance, and will receive an initial restricted stock award, the value of which will be contingent on vesting requirements.

Armes was named Cooper’s new president and CEO Monday, replacing Tom Dattilo who left Cooper in August.

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