Goodyear CEO Mark Stewart Exits, Board Member Takes Interim Role
Goodyear has lost its chief executive in the middle of a turnaround that has missed one of its major goals. Mark Stewart left the tire maker on Monday, effective immediately, after serving since January 2024.
The numbers behind the exit
Last week Goodyear reported third-quarter net sales down 2.3% from a year earlier and an adjusted net loss of $31 million.
One goal of the transformation plan was an operating margin of 10% by the end of last year. Goodyear did not reach that mark, a major goal of the plan.
The business also faces tariffs, higher raw material costs and tougher competition from China.
The turnaround Stewart was hired to lead
His brief was to make the old American manufacturer leaner and more profitable. A multiyear transformation plan was still under way when he left.
Chair Joe Hinrichs framed the departure as timing. He said the board believes this is "the right moment to transition leadership" so the company can speed up progress.
A director steps in
Roger Wood, who sits on Goodyear's board, becomes interim CEO and president. He joined the board in July 2023. Earlier he served as co-CEO of Tenneco and as CEO of Dana Holding Corporation.
The strategic review includes a search for a permanent chief executive.
A strategic review already running
Earlier this year the board formed a special committee to examine the company's businesses and operations. Its stated aim is to look for ways to improve results and add value for shareholders.
That work goes on. Goodyear says it will weigh a leaner business mix and footprint, efficiency gains, and new products and capabilities for long-term growth. The report gives no detail on those steps.
Goodyear shares were down about 4% in early trading on Monday.
Source: CNBC