Richard J. Kramer, currently serving as Goodyear’s Chairman, CEO, and President, has announced his planned retirement in 2024. An executive search firm has been engaged to assist in identifying potential successors to Kramer, as stated in a company press release.
The company conducted an operational review following calls for governance overhaul from Elliott Investment Management, a major shareholder, aiming to enhance stock performance. Responding to this, Goodyear added three new directors to its board in July, aligning with Elliott’s recommendations.
Kramer pledged assistance in the transition once his successor is identified. Throughout his tenure, Kramer focused on integrating technology into products and manufacturing processes. He spearheaded Goodyear’s largest acquisition, Cooper Tire, in 2021 and led the commemoration of the company’s 125th anniversary, emphasizing its global industry leadership and Akron roots.
Expressing gratitude for leading the iconic American company for 14 years, Kramer highlighted the new strategic plan, Goodyear Forward, as the blueprint for the company’s next growth phase. He expressed confidence that this plan would set a robust foundation for future leadership to further the enduring success of Goodyear.
Laurette T. Koellner, the board’s independent lead director, praised Kramer for steering Goodyear through challenging cycles, acknowledging his visionary leadership that positioned Goodyear as an industry leader.
Christina Zamarro, Goodyear’s executive vice president and CFO, outlined the company’s new plan during an investor call, which includes exploring the potential sale of three company segments to generate $2 billion in revenue. These segments encompass the chemical segment, Dunlop tire operations, and off-the-road equipment tire division catering to specialty vehicles.
Kramer highlighted the company’s need for strategic repositioning in response to rising costs, auto sector disruptions – especially with the ascent of electric vehicles – and heightened competition from cheaper imports.
Have you read?
Character – The Aerodynamics of Leadership.
The Rise of the Inter-Generational CEO: Working with Gen Z eye to eye.
A New Approach to Public Sector Decision Making.
How a CEO Can Best Handle a Crisis.
Redefining Thankfulness: Gratitude Examples for the Forward-Thinking Leader.
Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Copyright 2024 The CEOWORLD magazine. All rights reserved. This material (and any extract from it) must not be copied, redistributed or placed on any website, without CEOWORLD magazine' prior written consent. For media queries, please contact: info@ceoworld.biz
