Goodyear CEO Mark Stewart Steps Down Amid Financial Losses
Goodyear Tire & Rubber Co. removed CEO Mark Stewart effective immediately and appointed board member Roger Wood as interim leader following disappointing third-quarter results.
The Goodyear Tire & Rubber Co. announced on Monday that CEO Mark Stewart has stepped down from his position effective immediately. Board member Roger Wood has assumed the roles of interim CEO and president while the company searches for a permanent replacement.
Stewart joined the company in January 2024 to lead a multiyear transformation plan aimed at increasing profitability and efficiency. However, the company reported disappointing third-quarter results, including an adjusted net loss of $31 million and a 2.3% year-over-year decline in net sales. The company also failed to reach its target operating margin of 10%.
Goodyear continues to struggle with rising raw material costs, tariffs, and increased competition from China. In response, a special board committee is conducting a strategic review to optimize the company's business footprint and mix to improve shareholder value.
