Goodyear CEO Mark Stewart Exits; Board Taps Roger Wood as Interim Chief

What happened

Goodyear said Mark Stewart has left the top job effective now, and director Roger Wood will assume the interim CEO and president posts. Wood has served on the board since July 2023 and previously was co-CEO of Tenneco and CEO of Dana Holding Corporation. As part of the ongoing review, the company will begin a search for a permanent replacement.

The leadership change lands while Goodyear is working through a multiyear transformation plan. A company photo accompanying the update showed a Goodyear auto service site in San Lorenzo, California, taken July 24, 2024.

Where the company stands

Stewart, hired in January 2024 to make the legacy American business more efficient and profitable, departs with the turnaround still unfinished. In last week's results, sales were 2.3% below the prior-year period, and adjusted net loss amounted to $31 million. Goodyear also did not achieve the 10% operating margin it targeted by the end of last year.

Chair Joe Hinrichs said in a release, "Goodyear has made meaningful progress in becoming a more efficient and focused company, and the board believes this is the right moment to transition leadership to accelerate that progress and capture additional opportunity." The company pointed to pressures including tariffs, rising raw material expenses, and tougher competition from China. Shares were down about 4% in early Monday trading.

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The strategic review and what it means for your portfolio

Earlier this year, the board set up a special committee to conduct a strategic review aimed at improving performance and delivering greater shareholder value. That effort is ongoing, with management weighing actions like refocusing the portfolio and global presence to drive efficiency, and allocating capital to new products and capabilities to support long term growth.

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