The Goodyear Tire & Rubber Company (Goodyear) has stated that Richard J. Kramer has informed the Board of his plans to retire as Chairman, CEO and President of the Company in 2024.
In connection with Kramer's planned retirement previously discussed with the Board as part of the Company's ongoing and active succession planning process, the Goodyear Board retained a leading executive search firm to execute a search considering both internal and external candidates.
During his tenure as CEO, Kramer led Goodyear's evolution into a technology-driven mobility company and fortified the Company's 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. Kramer guided the Company through the COVID-19 pandemic and led Goodyear's largest-ever acquisition – Cooper Tire – in 2021.
Kramer stated, "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."
The Company separately announced today a transformation plan, Goodyear Forward, to optimise its portfolio, deliver margin expansion and address its net leverage to drive sustainable, long-term shareholder value creation.