Goodyear Tire & Rubber Co. announced Monday that CEO Mark Stewart would be stepping down from his role effective immediately.
Leadership Transition
Board member Roger Wood is taking over as interim CEO and president, Goodyear said.
The leadership change comes as the tire company is in the midst of a multiyear transformation plan.
Turnaround Plan Challenges
Stewart was hired in January 2024 to lead the company, with the goal of revitalizing the legacy American business to make it more efficient and profitable.
The company has faced disappointing results thus far, reporting last week third-quarter results that saw net sales down 2.3% year over year and an adjusted net loss of $31 million. Goodyear failed to reach a 10% operating margin by the end of last year, which was a major goal of the turnaround plan.
Goodyear said it formed a special committee of the board earlier this year to conduct a “strategic review of the company’s businesses and operations focused on identifying opportunities to strengthen performance and drive shareholder value.”
