Akron, Ohio – Goodyear Tire & Rubber Co. confirmed on Monday that it has terminated chief executive officer and president Mark Stewart, just five days after releasing its third‑quarter results that showed a net loss of $238 million. The company named 64‑year‑old Roger Wood, a current member of Goodyear’s board of directors, as interim chief executive.
Interim leadership and compensation
Wood, who previously served as co‑chief executive of Tenneco and held the chief executive role at Dana Holding Corp., will continue to sit on the board but will step away from the Human Capital and Compensation Committee and the Governance Committee while he serves in the interim role. According to the SEC filing, Wood will receive a salary of $310,000 per month along with company stock, temporary housing, a vehicle and travel allowances.
Wood’s priorities for Goodyear
In a press release, Wood emphasized Goodyear’s “iconic brands, talented people and significant opportunities to improve performance and deliver long‑term value.” He said his immediate priorities are to support associates and customers, sharpen execution and build on the work already underway to advance Goodyear’s transformation.
Recent performance and strategic actions
The third‑quarter report revealed a 2.3 % decline in net sales year‑over‑year and a net loss of $238 million. The company also missed its target of a 10 % operating margin for the end of 2025, citing tariffs, inflation and higher manufacturing costs as challenges.
During Stewart’s tenure, Goodyear sold several subsidiaries and closed plants in Niagara Falls and Houston, Texas, resulting in hundreds of layoffs over the past year. The board has formed a special committee to conduct a strategic review of the company’s businesses and operations, aiming to identify opportunities to strengthen performance and drive shareholder value.
Executive finance appointment
In related news, Goodyear announced that Jerome Rouquet will assume the role of executive vice president and chief financial officer on Dec. 1. Rouquet currently serves as chief financial officer of Visteon Corporation and previously held senior finance leadership positions at Tenneco and Federal‑Mogul. He will succeed interim CFO Scott Deakin.
Market reaction
Following the announcement, Goodyear’s shares opened down about 7 % on Monday. Investors appear cautious as the company navigates its restructuring efforts and seeks to restore profitability.
Goodyear’s leadership transition underscores the company’s commitment to stabilizing operations and positioning itself for future growth. By appointing an experienced board member with a strong automotive background, the firm aims to reassure employees, customers and shareholders that it remains focused on delivering value and advancing its long‑standing legacy in the tire industry.
Original reporting: Signal Akron — read the source article.
