Goodyear swaps out CEO amid missed profit goals

Mark Stewart is no longer the chief executive of Goodyear Tire & Rubber Co.

Stewart joined the Akron, Ohio-based company in January 2024 with a mandate to improve efficiency and profitability. His tenure ended after the firm reported third-quarter net sales down 2.3% year-over-year and an adjusted net loss of $31 million. The company also failed to hit its target of a 10% operating margin by the end of 2025. These results came as Goodyear contended with tariffs, rising raw material costs, and increased competition from Chinese manufacturers.

The board formed a special committee earlier this year to evaluate the company's businesses and operations. That work continues now, with a focus on optimizing the business mix, improving efficiency, and investing in new products. Goodyear stated it will begin searching for a permanent replacement as part of this broader strategic review.

Roger Wood, a board member since July 2023, will serve as interim CEO and president. He previously served as co-CEO of Tenneco and CEO of Dana Holding Corporation. The leadership transition is effective immediately.

Joe Hinrichs, chair of the Goodyear board, said the company has made meaningful progress in becoming more focused. He added that the board believes this is the right time to transition leadership to accelerate that progress and capture additional opportunity.

Goodyear shares dropped roughly 4% in early trading on Monday following the announcement.