Goodyear CEO Mark Stewart steps down — CNBC

American tire manufacturer Goodyear Tire & Rubber announced that CEO Mark Stewart is stepping down effective immediately. Board member Roger Wood has been appointed interim CEO and president, CNBC reports.

Leadership change

Stewart had led Goodyear since January 2024. He was brought in to lead the company as part of a multi-year transformation plan intended to make the tire business more efficient and profitable.

Wood has served on Goodyear’s board of directors since July 2023. Previously, he was co-CEO of Tenneco and also CEO of Dana Holding Corporation. The company will begin searching for Stewart’s permanent successor as part of a strategic review of its operations.

Transformation and financial results

Earlier this year, Goodyear’s board of directors formed a special committee to conduct a strategic review of the company’s business and operations. Its stated goal was to identify opportunities to improve performance and increase shareholder value.

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The company plans to assess further strategic and operational steps, including optimizing its business structure and manufacturing footprint, improving efficiency, and investing in new products and opportunities for long-term growth.

Last week, Goodyear reported that its net sales in the third quarter declined by 2.3% year-on-year, while its adjusted net loss amounted to $31 million. The company failed to meet its target operating margin of 10% by the end of last year, which was one of the main objectives of the transformation plan. Among the factors putting pressure on Goodyear, the company cited tariffs, rising raw material costs, and increasing competition from China.

In early trading on Monday, Goodyear shares fell by about 4%.