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Goodyear Tire CEO Mark Stewart steps down
CNBC • • business
Key Points:
- Goodyear Tire & Rubber Co. announced that CEO Mark Stewart is stepping down immediately, with board member Roger Wood appointed as interim CEO and president.
- Stewart was hired in January 2024 to lead a turnaround plan aimed at improving efficiency and profitability, but the company has reported disappointing financial results, including a 2.3% drop in third-quarter net sales and a $31 million adjusted net loss.
- Goodyear is continuing a strategic review initiated earlier this year to identify opportunities for strengthening performance, optimizing its business mix, and investing in growth initiatives.
- The company faces challenges from tariffs, rising raw material costs, and increased competition from China, prompting the board to transition leadership to accelerate progress.
- Goodyear will begin searching for a permanent CEO while shares dropped about 4% in early trading following the announcement.
