Goodyear Chief Executive Officer and President Mark Stewart listens to the French President address the audience during a visit to an American Goodyear Group factory whose “modernization” is being supported by the France 2030 investment program in Amiens, northern France, June 8, 2026.
Ludovic Marin | AFP | Getty Images
Goodyear Tire and Rubber Company On Monday, CEO Mark Stewart announced that he would be stepping down with immediate effect.
Goodyear said board member Roger Wood will serve as interim CEO and president.
The change in leadership comes as the tire company is in the midst of a multi-year transformation plan.
Mr. Stewart was hired to lead the company in January 2024 with the goal of revitalizing traditional American businesses and making them more efficient and profitable.
The company has faced disappointing results to date, with its third-quarter results released last week showing net sales down 2.3% year-over-year and an adjusted net loss of $31 million. By the end of last year, Goodyear had failed to achieve a 10% operating profit margin, a key goal in its turnaround plan.
Goodyear announced earlier this year that it had formed a special committee of its board of directors to conduct a “strategic review of the company’s business and operations with a focus on identifying opportunities to strengthen performance and increase shareholder value.”
Wednesday, July 24, 2024 at the Goodyear Auto Service location in San Lorenzo, California, USA.
David Paul Morris | Bloomberg | Getty Images
The company said Monday it will continue that effort by evaluating its strategic and operational initiatives, including further optimizing its business mix and footprint, increasing efficiency, and investing in new products and capabilities to support long-term growth.
“Goodyear has made meaningful progress in becoming a more efficient and focused company, and the board believes now is the right time to transition leadership to accelerate that progress and capture additional opportunities,” Goodyear Chairman Joe Heinrichs said in a press release.
The company faces headwinds from tariffs, rising raw material prices and increased competition from China.
Mr. Wood has been a member of the Company’s Board of Directors since July 2023 and previously served as Co-CEO of Tenneco and CEO of Dana Holding Corporation.
As part of its strategic review, the company will begin searching for a permanent successor.
Goodyear stock fell about 4% in early trading Monday.
