By LOU WILIN
Cooper Tire & Rubber Co. Chief Executive Officer Roy Armes’ compensation declined 15 percent in 2013 to $5.8 million as the company’s profits plunged.
Cooper’s earnings for 2013 fell by nearly 50 percent to $111 million, and sales declined 18 percent as Cooper tried but failed to complete a merger with Apollo Tyres of India.
Compensation for Arm
es and other top Cooper executives was reported to the Securities and Exchange Commission.
The biggest drop in compensation for Armes was his performance-based bonus, which was $1.5 million last year, or half of the $3 million he received in 2012.
Armes’ 2013 compensation also included a $1 million salary, $1.4 million in stock awards, and $1.6 million in stock options. He received $320,282 in other perks, including $285,800 in company contributions to his retirement plan; $14,557 in financial planning services; $11,870 in personal and family members’ travel; and $443 for an executive physical.
Chief Financial Officer Bradley Hughes’ compensation declined 16 percent in 2013 to $1.5 million. Like Armes, Hughes received a smaller performance-based bonus, $343,452, or 57 percent less than in 2012. His other 2013 compensation included $470,700 in salary, $273,980 in stock awards and $347,077 in stock options. Other perks, of $77,439, included $68,692 in company contributions to his retirement plan and $8,747 in financial planning services.
Chief Human Resources Officer Brenda Harmon saw her compensation decline 16 percent in 2013 to $1.2 million. Her performance-based bonus was cut 53 percent to $263,860. Her other 2013 compensation included $389,663 in salary; $225,901 in stock awards and $227,662 in stock options. Her other perks, of $78,988, included $70,449 in company contributions to her retirement plan; $6,700 in financial planning services; and $1,839 for an executive physical.
The smallest compensation cut, 1 percent, went to North American Tire Operations President Christopher Ostrander. His $1.4 million compensation included $414,803 in salary; $243,597 in stock awards; and $305,794 in stock options. His performance-based bonus dropped 38 percent to $318,994. His other perks, of $87,907, included $61,125 in company contributions to his retirement plan; $11,060 in personal and family members’ travel; $4,700 in financial planning services; and $1,412 for an executive physical.
International Tire Operations President Harold Miller’s compensation declined 26 percent to $1.2 million. Most of the decline came in a 66 percent drop in a performance-based bonus to $218,907. Miller’s 2013 compensation included a $400,850 salary; $228,164 in stock awards; and $247,390 in stock options. His other perks, of $79,986, included $66,714 in company contributions to his retirement plan; $10,835 in financial planning services; and $2,437 for an executive physical.
Wilin: 419-427-8413 Send an E-mail to Lou Wilin