New Cooper CEO sees 62 percent increase in compensation in 2016

Armes

Armes

Hughes

Hughes

By LOU WILIN
STAFF WRITER

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 on Monday. 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.

Brenda Harmon, chief human resources officer, saw her compensation grow 2 percent to $1.69 million in 2016.

Harmon’s salary was $426,312. She earned $467,771 in stock awards and $724,725 in a performance-based bonus.

Harmon’s other perks, of $91,161, included: $81,828 in contributions to her retirement plan; $6,625 in financial planning services; and $1,834 for an executive physical.

Ginger Jones, chief financial officer, last year earned $1.66 million, nearly 6 percent more than in 2015. Her salary was $499,036. Jones earned $467,771 in stock awards and a performance-based bonus of $584,041.

Her other perks, of $109,142, included: $102,923 in contributions to Jones’ retirement plan; $4,540 in financial planning services; and $1,679 for an executive physical.

Wilin: 419-427-8413
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