Roy Armes, chairman, CEO and president of Cooper Tire & Rubber Co., intends to retire effective Aug. 31, 2016.
The board of directors plans to elect Bradley Hughes as CEO and president effective upon Armes’ retirement. Hughes also is expected to join the company’s board of directors at that time. Hughes has been with Cooper for more than six years and currently serves as the company's chief operating officer.
In conjunction with the transition, Thomas Capo, current lead independent director, is expected to become non-executive chairman of the board effective upon Armes’ retirement.
Armes joined Cooper in 2007 as CEO and president and was appointed chairman approximately one year later. “With a focus on long-term strategic planning and outstanding execution, Roy spearheaded a positive transformation of Cooper’s business model, creating a stronger, more resilient and sustainable company,” Capo says.
“During his tenure, Roy led an expansion of Cooper’s global footprint, significantly improved shareholder performance, and transformed technology and innovation at Cooper. Roy has our profound thanks for his outstanding leadership and the many contributions he has made to the company’s success. We look forward to Brad’s leadership, honed by his decades of experience in the automotive industry, as well as his years as Cooper’s chief financial officer, president of international operations, and his current role as chief operating officer. We expect a seamless transition at the end of August.”
Armes says, “I am privileged and honored to have led Cooper for nearly a decade through good times and challenging times, and I continue to be most inspired by the quality and dedication of our people around the globe. Working together, we have led Cooper to many years of strong performance. Brad has been a positive and influential force at Cooper for more than six years now, and he will be tremendously effective at leading Cooper to even greater success in the years to come.”
Cooper also released its fourth quarter and full-year 2015 financial results. Find the numbers here: Cooper Tire Increases Its Profitability in Fiscal 2015.
