Goodyear Tire CEO Mark Stewart steps down as company continues turnaround plan

Summary

• Goodyear Tire & Rubber Co. announced that CEO Mark Stewart is stepping down effective immediately.
• Board member Roger Wood is taking over as interim CEO & president.
• Stewart was hired in January 2024 to lead a multiyear transformation plan aimed at revitalizing the business for greater efficiency & profitability.
• The company reported third-quarter net sales down 2.3% year over year & an adjusted net loss of $31 million.
• Goodyear failed to reach its goal of a 10% operating margin by the end of last year.
• A special board committee formed earlier this year is conducting a strategic review to identify opportunities to strengthen performance & drive shareholder value.
• The company will continue evaluating strategic & operational initiatives including optimizing its business mix & footprint, improving efficiency, & investing in new products & capabilities.
• Goodyear Chair Joe Hinrichs stated the board believes transitioning leadership is the right moment to accelerate progress & capture additional opportunity.
• The company has faced headwinds from tariffs, higher raw material costs, & increased competition from China.
• Wood has served on the board since July 2023 & previously served as co-CEO of Tenneco & CEO of Dana Holding Corporation.
• The company will begin a search for a permanent replacement as part of its strategic review.
• Goodyear shares were down roughly 4% in early trading Monday.