Goodyear Tire & Rubber Co. disclosed on Monday that it has terminated CEO and President Mark Stewart, appointing 64‑year‑old board member Roger Wood as interim chief executive, according to Signal Akron.
Stewart, who assumed the CEO role in January 2024 after succeeding Rich Kramer, was listed in a Sunday SEC filing as terminated “other than for Cause.” His three‑year tenure saw the company post a net loss of $238 million for the third quarter and a 2.3% year‑over‑year decline in net sales.
Wood, a current board member who previously served as co‑CEO of Teneco and CEO of Dana Holding Corp., will retain his board seat but will not serve on the Human Capital and Compensation Committee or the Governance Committee during his interim term. The filing states Wood will receive $310,000 per month plus company stock, temporary housing, a vehicle, travel allowances, and other benefits.
In a press release, Wood said, “Goodyear has iconic brands, talented people and significant opportunities to improve performance and deliver long‑term value. As I step into this role, my immediate priorities are to support our associates and customers, sharpen execution, and build on the work already underway to advance Goodyear’s transformation.”
Shares of Goodyear opened about 7% lower following the announcement. The company also announced the formation of a special board committee to conduct a strategic review aimed at strengthening performance and driving shareholder value.
Under Stewart’s leadership, Goodyear sold several subsidiaries, including its off‑the‑road tire business to Yokohama Rubber Company, the Dunlop brand to Sumitomo Rubber Industries, and the majority of its chemical business—including an Akron research office—for $650 million. Despite these moves, the company failed to meet its 10% operating‑margin target for the end of 2025, citing tariffs, inflation, and higher manufacturing costs as challenges.
The company has also reduced its workforce, laying off hundreds of employees over the past year and closing plants in Niagara Falls and Houston, Texas earlier this month. In late October, Goodyear announced that Jerome Rouquet will become executive vice president and chief financial officer on Dec. 1, succeeding interim CFO Scott Deakin.
What’s next: Goodyear’s board‑led strategic review will continue over the coming weeks, and Wood will lead the company while the committee evaluates potential restructuring options. Stakeholders can expect further updates on the company’s financial outlook and any additional leadership changes as the review progresses.
Sources: signalakron.org
