Roger Wood, new interim CEO of Goodyear Tire & Rubber Co., will receive a monthly salary of $310,000 as part of his compensation.

Wood was named interim CEO on Nov. 8 and replaced Mark Stewart, who was named Goodyear's president and CEO in 2024. (Stewart has exited Goodyear and is no longer on the Akron, Ohio-based company's board of directors.)

In addition to his weekly salary, Wood, who has been a Goodyear director since 2023 and recently served as co-CEO of Tenneco Inc., will receive what Goodyear calls "a monthly restricted stock unit grant value" of $1 million "for the lesser of (1) five months or (2) until the date of hire of a permanent successor. He also will receive temporary housing, car and travel allowances, as well as reimbursement of certain legal fees and participation in certain other benefit plans and programs that generally are available to the company's officers and associates." (Click here to read more details.)

Wood will continue to serve as a director of the company, but will not be a member of the Human Capital and Compensation Commitee or the Governance Committee of Goodyear's board of directors during his tenure as interim CEO.

In January 2024, MTD reported that Goodyear paid Stewart a signing bonus and also covered the cost of an incentive award he forfeited by leaving his former employer, Stellantis. In total, his bonuses totaled nearly $20 million.

"Stewart’s base salary as the leader of Goodyear will be $1.4 million," MTD reported at the time. "As part of the company’s executive annual incentive program, Stewart’s annual target will be 160% of his annual base salary."

According to the offer letter that Goodyear made to Stewart, which is dated Dec. 14, 2023, "a month after (CEO,chairman and president Rich) Kramer’s exit was announced, the executive incentive plan focuses on the company’s achievement, as well as certain business unit metrics and individual objectives.

"Additionally, Stewart is eligible for the long-term incentive plan and in 2024, his target will be $9 million. The amount may be adjusted from year to year and is based on performance."

Among additional benefits, Goodyear said it would let Stewart use its corporate jets for personal use, with the cost paid by the company. He also was eligible to receive two sets of Goodyear tires each year. (Click here to read MTD's full report.)