Goodyear Tire & Rubber Co (NASDAQ: GT) disclosed the appointment of Mark Stewart as the new Chief Executive Officer (CEO) and President, effective January 29, 2024.
Stewart will succeed Richard J. Kramer, who previously announced his planned retirement from the company following 24 years of service.
On the effective date, Laurette T. Koellner, Independent Lead Director of GT's Board since 2019, will become non-executive Board Chair, and Stewart will be added to the company's Board as a director.
Most recently, Stewart served as COO of North America and a member of the Group Executive Council at Stellantis N.V. (NYSE: STLA).
Laurette T. Koellner, Independent Lead Director said, "Following an ongoing and active succession planning process culminating in a comprehensive search, the Board is confident Mark is the ideal CEO for Goodyear as we continue executing against the Goodyear Forward plan."
Notably, the CEO appointment came following a pressure campaign by shareholder activist Elliott Investment Management, as per Bloomberg.
In November 2023, Richard J. Kramer informed the Board of his plans to retire as Chairman, CEO and President of the company in 2024.
In July 2023, GT entered a cooperation agreement with Elliott Investment Management and agreed to establish a Strategic and Operational Review Committee to oversee and support the review of various strategic and operational alternatives.
Price Action: GT shares are trading higher by 2.13% at $14.18 on the last check Thursday.