Goodyear's long-time leader Richard Kramer to retire
16 Nov 2023
US tire maker also unveils ‘transformation plan’ to optimise portfolio, expand margins
Akron, Ohio – Goodyear Tire & Rubber Co.’s long-time chairman, president and CEO Richard Kramer is to retire next year after 24 years of service, including 14 years of leadership at the US tire major.
In a statement issued 15 Nov, Goodyear said the board has previously retained a “leading executive search firm” as part of its leadership succession process to investigate both internal and external candidates.
During his tenure as CEO, Goodyear said, Kramer helped the group become a “technology-driven mobility company” and delivered the “five highest years of annual segment operating income” in the group’s history.
Notably, Kramer guided Goodyear through the Covid-19 pandemic and led its largest-ever acquisition – Cooper Tire – in 2021.
Throughout his tenure, Kramer led Goodyear “with a clear long-term vision” which positioned the group as “a leader at the forefront of the industry”, said Laurette Koellner, independent lead director of Goodyear’s board.
“He successfully navigated Goodyear through a number of challenging cycles, including the aftermath of the financial crisis and the global pandemic,” she added.
In addition to the leadership announcement, the tire maker also unveiled the “Goodyear Forward” strategic plan on 15 Nov.
The initiative, said the Akron group, aims to optimise portfolio, expand margins and address net leverage to “drive sustainable, long-term shareholder value creation”.
The plan, said Kramer, is expected to build “an even stronger foundation” within Goodyear as it embarks on a “next stage of growth”.
“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,” he added.