Goodyear CEO to retire in 2024 as tyre maker plans to streamline business

GOODYEAR Tire & Rubber said on Wednesday (Nov 15) longtime CEO Richard Kramer has decided to retire next year and also unveiled initiatives to streamline its business, months after settling with activist investor Elliott.

Goodyear said the board is considering both internal and external candidates to succeed Kramer, who has served as the CEO since 2010. Kramer will also step down as president and chairman.

The company will pursue strategic alternatives for its chemical business, its Dunlop brand and its Off-the-Road equipment tire business.

Goodyear expects gross proceeds in excess of US$2 billion from its portfolio optimisation initiatives and a doubling of segment operating margin to 10% by the fourth quarter of 2025 from about 5% currently.

Earlier this year, Goodyear said it would add three directors in agreement with Elliott Investment Management, which called for changes to strengthen the company’s financial position.

Tyre manufacturers have come under pressure over the past few years from cheaper Chinese rivals and face scrutiny from regulators on concerns of pollution. REUTERS