Goodyear names new board member, re-elects five
Goodyear Tire & Rubber Co. appointed former Clorox Chairman and CEO G. Craig Sullivan to its board of directors prior to its Annual Shareholders Meeting in Akron, Ohio.
"Craig Sullivan is a top-rate business leader with extensive experience in building strong consumer brands," says Goodyear Chairman, CEO and President Bob Keegan. "His experience and knowledge will be of significant value to our board of directors."
Sullivan joined Clorox in 1971 and rose to chairman and chief executive officer of the company in 1992. He served in that capacity until June 2003 and remained chairman of the consumer product company until his retirement six months later.
Sullivan also is a director of Kimberly-Clark Corp. and Mattel Inc. His election brings the size of Goodyear's board to 12
At the shareholders meeting, the company and its shareholders re-elected James Boland, Steven Minter, Michael Wessel, John Breen and William Hudson Jr. to its board of directors.
* Boland is vice chairman of Cavaliers Operating Company LLC.
* Minter is the retired former president and executive director of The Cleveland Foundation.
* Wessel is executive vice president of the Downey McGrath
* Breen is a retired chairman of The Sherwin-Williams Co.
* Hudson is a retired chief executive officer, president and director of AMP Inc.
The company's other directors are Rodney O'Neal, president and COO, Delphi Corp.; Shirley Peterson, retired, formerly a partner in the law firm of Steptoe & Johnson LLP; Gary Forsee, CEO and president, Sprint Nextel Corp.; Denise Morrison, senior vice president, President Campbell USA Soup, Sauce and Beverage; Thomas Weidemeyer, retired, formerly senior vice president and COO of United Parcel Service Inc.; and Keegan.
In other business, shareholders passed a proposal requiring the annual
election of directors. In connection with that proposal, the terms of
all of the company's directors will expire at the 2007 annual meeting.
Shareholders also approved a proposal to permit an increase in
authorized common stock from 300 million shares to 450 million shares. It is the first increase since 1993. Keegan said proceeds from the offering will help signficantly improve the company's balance sheet.
Goodyear's stock price on the New York Stock Exchange closed at $13.72 a share on Monday, April 10. That compares to a 52-week high and low of $19.31 and $11.24, respectively.
The appointment of PricewaterhouseCoopers LLP as the company's
independent registered public accounting firm for 2006 was approved by
shareholders as well.