Goodyear board members play musical chairs at shareholders meeting
Goodyear Tire & Rubber Co. re-elected three directors to its board and announced other moves that affected the board's make-up at the annual Goodyear Shareholders Meeting.
The three will serve three-year terms. They are:
* James Boland, former vice chairman of Ernst & Young and vice chairman of Cavs/Gund Arena Co.
* Steven Minter, president and executive director of the Cleveland (Ohio) Foundation.
* James Zimmerman, chairman of the board of Federated Department Stores.
Zimmerman also was elected "presiding director" of the board. In this newly created position, he will preside over executive sessions of outside directors as called for by the proposed rules of the New York Stock Exchange.
"The establishment of a presiding director is an appropriate action, consistent with the principles of good governance," says Bob Keegan, Goodyear's CEO and president.
Two other directors, Martin Walker and Kathryn Wriston, officially retired from Goodyear's board at the meeting.
In a related move, Agnar Pytte was elected to serve the remaining year of a three-year term on the board. Pytte is the retired president and CEO of Case Western Reserve University.
Chairman Sam Gibara announced he will retire from the board on June 30, 2003. Keegan will take over as chairman at that time. That will leave the board with 10 directors.
Shareholders also approved a company proposal that reduces the potential size of the board from 19 to 15. In addition, the minimum number of directors required to serve on the board was reduced from 11 to nine.