Goodyear outlines strategies, re-elects directors at shareholders meeting

ERJ staff report (TB)

Akron, Ohio - During his address at Goodyear's 2012 annual shareholder meeting April 17, company Chairman and CEO Richard Kramer cited sustained profitability in North America, finding success in China, and continuing traditional success in Europe, the Middle East, Africa and Latin America as its key strategies for future growth.

During the meeting, Kramer outlined the tyre maker's strategy roadmap, highlighting its 2011 achievements, including:

Record sales of $22.8 billion, up 21 percent from 2010;

Record segment operating income, up almost 50 percent over the same period;

Record sales in all of its global business units; and

Improved price/mix ratio and branded share gains in targeted market segments.

“What is most gratifying is that our record results across all global businesses were achieved in the midst of continued economic uncertainty around the world through successful execution of our strategy,” Kramer told shareholders attending the meeting in Akron.

During his presentation, Kramer noted that in order to achieve continued growth in key markets, Goodyear will strive to achieve market-back innovation excellence and operational excellence, target profitable market segments, enable investments and employ a talented workforce.

“As we execute in these five areas, we are confident that we will create a stronger company, both competitively and financially in both the near-term and over the long-term,” he said.

In addition, at the meeting Goodyear shareholders re-elected 10 members of the company's board of directors: Kramer, William Conaty, James Firestone, Werner Geissler, Peter Hellman, Alan McCollough, Shirley Peterson, Stephanie Streeter, Thomas Weidemeyer and Michael Wessel.

James Boland and Craig Sullivan did not stand for re-election and have retired from their positions on the company's board of directors, Goodyear said. Rodney O'Neal also did not stand for re-election, due to his responsibilities as CEO and president of Delphi Automotive Plc.

Shareholders also ratified the appointment of PricewaterhouseCoopers L.L.P. as Goodyear's independent registered public accounting firm for 2012.

From Tire Business (A Crain publication)

Press release from Goodyear