AKRON, Ohio — Goodyear announced Wednesday both CEO Rich Kramer’s retirement in 2024 and a plan called “Goodyear Forward” to transform the company and optimize its performance.
Mr. Kramer has served as Goodyear’s CEO and president for 14 years. He led the company through the acquisition of Cooper His Tires in 2021 and the COVID-19 pandemic. During his tenure, Goodyear said he delivered the best five-year revenue run in the company’s history.
Kramer said in a prepared statement that he will remain in place to assist in the transition to new leadership. The exact date of his retirement has not been announced.
“We have significant work to do in the coming months to execute on our Goodyear Forward plan, which leverages our renowned leadership in brands, technology and premium products to deliver profitable growth and value,” said Kramer. “It’s left behind,” he said.
The Goodyear Forward plan, announced separately, will see the company reduce costs, increase revenue, restructure debt and improve its “strategy for its chemical business, Dunlop brand and off-the-road equipment tire business. “actively pursue alternative solutions.”
Back in May, activist investor Elliott Management publicly called on Goodyear to improve its performance. At the time, Mr. Elliott publicly recommended that Goodyear sell some or all of its more than 1,000 retail stores, saying Goodyear’s profit margins were worse than its peers.
Goodyear and Elliott announced in July that they had reached an agreement to add members to Goodyear’s board of directors and create a committee to review the company’s performance. From that committee came the Goodyear Forward plan.
Sean McDonnell covers business and consumer topics. cleveland.com.you can contact him smcdonnell@cleveland.com To read more Cleveland business stories, visit: cleveland.com/business/.
