Goodyear Finances Under Scrutiny.

Goodyear has come under fire over its financial decisions as documents filed with the US Securities and Exchange Commission, in late May, show that Robert Keegan had $1 million in salary and a $509,200 bonus.

The Akron tyre company justified its munificent financial decision by saying “Robert Keegan deserved the pay because he has helped Goodyear make progress in turning around its finances, improving relations with independent tyre dealers and signing a new labour agreement with the United Steelworkers of America.”

Keegan directed Goodyear through some of its most turbulent years, restructuring more than $3 billion in loans to avoid a liquidity crunch, slashing 6000 jobs and closing or condensing factories around the world. Under the guidance of Keegan Goodyear narrowed its losses last year to $802 million compared with $1.1 billion in 2002.