Goodyear have announced today that Richard J. Kramer has informed the Board of his plans to retire as Chairman, CEO and President of the Company in 2024.
In connection with Kramer’s planned retirement previously discussed with the Board as part of the Company’s ongoing and active succession planning process, the Goodyear Board retained a leading executive search firm to execute a search considering both internal and external candidates.
During his tenure as CEO, Kramer led Goodyear’s evolution into a technology-driven mobility company and fortified the Company’s position as a leader in the global tyre industry. Under his leadership, Goodyear delivered the five highest years of annual segment operating income in the Company’s history. He also led a transformation of the business to fully fund and de-risk its pension plans, reduce costs, streamline manufacturing and invest for growth. Notably, Kramer guided the Company through the COVID-19 pandemic and led Goodyear’s largest-ever acquisition – Cooper Tire – in 2021.
Kramer stated, “Reflecting on the past 14 years, it has been an incredible privilege to lead this iconic American company as Chairman, CEO and President. As we embark on our next stage of growth, I am confident that our Goodyear Forward plan will build an even stronger foundation for the next generation of leadership to continue paving the way for Goodyear’s enduring success. I am fully engaged in driving the successful execution of the plan and, with the support and involvement of the Board, will assist with the transition when my successor is identified. Over the coming months, we have substantial work to do to execute the Goodyear Forward plan to deliver profitable growth and value, leveraging our renowned leadership in brands, technology and premium products.”
“On behalf of our entire Board, I extend deep gratitude to Rich for his outstanding leadership and innumerable contributions to Goodyear over the course of his distinguished career. He successfully navigated Goodyear through a number of challenging cycles, including the aftermath of the financial crisis and the global pandemic. Throughout his tenure, Rich has led the Company with a clear long-term vision that positioned Goodyear as a leader at the forefront of the industry, with unmatched competitive advantages,” said Laurette T. Koellner, Independent Lead Director of Goodyear’s Board. “Consistent with Rich’s intent to retire and as part of the Board’s ongoing succession planning process, the Board is committed to a thorough, comprehensive and timely search to identify a proven leader with the skills and expertise to further advance the Goodyear Forward plan.”
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