Goodyear names interim CEO as turnaround review deepens
Goodyear Tire & Rubber is changing leadership as it pushes ahead with a multiyear effort to improve profitability and operations. The company appoints board member Roger Wood as interim chief executive and president with immediate effect after Mark Stewart steps down.
Highlights
- Goodyear names Steven T. Wood as interim CEO and president, replacing Stewart amid an ongoing strategic and operational review by a new board committee.
- Goodyear failed to achieve its target 10% operating margin by year-end 2023, underscoring persistent profitability challenges during Stewart's brief leadership.
- Goodyear reported a 2.3% year-over-year decline in net sales, an adjusted net loss of $31 million, and shares dropped approximately 4% in early Monday trading.
Leadership change amid strategic review
As reported by CNBC, citing Goodyear Tire & Rubber Co., Stewart is leaving the top job immediately while the company continues a strategic and operational review of its businesses. The manufacturer says it formed a special board committee earlier this year to identify ways to strengthen performance and increase shareholder value.Wood, who has served on Goodyear's board since July 2023, takes over as interim CEO and president. He previously served as co-CEO of Tenneco and as CEO of Dana Holding Corporation, and the company says a search for a permanent replacement will begin as part of the ongoing review.
Profitability pressure weighs on turnaround plan
Stewart joined Goodyear in January 2024 with a mandate to make the long-established U.S. tire business more efficient and profitable. The leadership shift comes after the company reports weak progress against that plan, including a failure to meet a key goal of reaching a 10% operating margin by the end of last year.Last week, Goodyear reported net sales fell 2.3% from a year earlier and posted an adjusted net loss of $31 million. The company says it is continuing to assess options including further changes to its business mix and footprint, efficiency improvements and investment in products and capabilities aimed at supporting long-term growth, while its shares fall about 4% in early Monday trading.
Our earlier coverage of executive pay trends at South Africa’s JSE Top 200 companies noted that variable compensation for CEOs and CFOs has been rising sharply, with incentive awards outpacing growth in fixed pay. We also highlighted new Companies Act rules requiring pay-ratio disclosure and introducing binding shareholder votes on remuneration that can restrict directors’ roles on pay committees, increasing governance pressure on listed firms.
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