Goodyear Tire & Rubber Co. announced that Chief Executive Officer Mark Stewart would exit his position effective immediately, with board member Roger Wood assuming the role of interim chief executive and president.
Stewart was appointed to lead the company in January 2024 with a mandate to revitalize the legacy American manufacturer by enhancing operational efficiency and profitability. His departure comes as Goodyear navigates a multiyear transformation initiative aimed at improving financial performance and shareholder returns. The company established a special board committee earlier this year to conduct a comprehensive strategic review examining the company’s businesses and operations.
The timing of the leadership transition follows disappointing recent financial results. During the third quarter, the company reported net sales declined 2.3% compared with the prior year period, alongside an adjusted net loss of $31 million. Additionally, Goodyear did not achieve a targeted 10% operating margin by the end of the previous year, a key objective outlined in the turnaround strategy.
Board Chair Joe Hinrichs stated in a press release that the company has achieved meaningful progress in becoming more efficient and focused, and that the board views the current moment as appropriate for transitioning leadership to accelerate advancement and pursue additional opportunities. The board indicated it will continue evaluating strategic and operational initiatives, including optimization of the business mix and footprint, efficiency improvements, and investments in new products and capabilities supporting long-term growth.
Wood brings extensive executive experience to the interim role, having served as co-chief executive of Tenneco and chief executive of Dana Holding Corporation. He has been a member of Goodyear’s board since July 2023. The company has initiated a search for a permanent chief executive as part of its ongoing strategic review. The company’s stock declined approximately 4% during early trading following the announcement.
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