The same day Goodyear announced a $1 billion cost savings plan, the tiremaker says Chairman, CEO and President Rich Kramer will retire in 2024.
The company has retained an executive search firm to consider both internal and external candidates.
Goodyear credits Kramer with evolving the company into a "technology-driven mobility company" and solidifying its position "as a leader in the global tire industry.
"Under his leadership, Goodyear delivered the five highest years of annual segment operating income in the company’s history. He also led a transformation of the business to fully fund and de-risk its pension plans, reduce costs, streamline manufacturing and invest for growth. Notably, Kramer guided the company through the COVID-19 pandemic and led Goodyear’s largest-ever acquisition (of Cooper Tire & Rubber Co.) in 2021."
In a press release, Kramer said, “Reflecting on the past 14 years, it has been an incredible privilege to lead this iconic American company as Chairman, CEO and President. As we embark on our next stage of growth, I am confident that our Goodyear Forward plan will build an even stronger foundation for the next generation of leadership to continue paving the way for Goodyear’s enduring success. I am fully engaged in driving the successful execution of the plan and, with the support and involvement of the Board, will assist with the transition when my successor is identified. Over the coming months, we have substantial work to do to execute the Goodyear Forward plan to deliver profitable growth and value, leveraging our renowned leadership in brands, technology and premium products.”
Laurette Koellner, independent lead director of the Goodyear board, said, “On behalf of our entire Board, I extend deep gratitude to Rich for his outstanding leadership and innumerable contributions to Goodyear over the course of his distinguished career. He successfully navigated Goodyear through a number of challenging cycles, including the aftermath of the financial crisis and the global pandemic. Throughout his tenure, Rich has led the Company with a clear long-term vision that positioned Goodyear as a leader at the forefront of the industry, with unmatched competitive advantages. Consistent with Rich’s intent to retire and as part of the board’s ongoing succession planning process, the board is committed to a thorough, comprehensive and timely search to identify a proven leader with the skills and expertise to further advance the Goodyear Forward plan.”