Brad Hughes, who became chief executive officer of Cooper Tire & Rubber Co. last September, earned $4.2 million compensation in 2016, a 62-percent increase from 2015.
His predecessor, Roy Armes, who retired Aug. 31 after nearly 10 years at the helm, last year earned $8.2 million, or 12.6 percent less than in 2015.
Hughes’ salary grew nearly 24 percent to $693,038 last year, Cooper Tire reported to the Securities and Exchange Commission today. He received $1.9 million in stock awards, a 164-percent increase from a year earlier. A performance-based bonus increased nearly 20 percent to $1.5 million.
Hughes’ other perks, of $158,554, included $146,813 in contributions to his retirement plan; $9,315 in financial planning services; and $1,741 for an executive physical.
Armes’ salary was $758,955, or 31 percent less than in 2015. He earned $3.7 million in stock awards last year, or about the same as in 2015. A performance-based bonus declined 17.5 percent to $3.6 million. The value of Armes’ pension and non-qualified deferred compensation earnings increased by $9,510 last year.
Armes’ other perks, of $176,127, included: $135,379 in contributions to his retirement plan; $22,468 for personal, spouse and dependent travel; $6,358 for an executive physical; $6,100 for financial planning services.