The Goodyear Tire & Rubber Company appointed director Roger Wood interim CEO and president as its board considers strategic changes following a quarter of lower tire volume and a $238 million net loss.
A filing with the SEC dates Wood’s appointment to Nov. 8. CEO and President Mark Stewart left those roles and resigned from the board on the same date, the filing says. Goodyear announced the transition Nov. 9 and said it would work with an executive search firm to find a permanent successor.
Goodyear has disclosed no decision from a special board committee’s review of the company. The committee is assessing its portfolio and operations, including where it operates, how it can work more efficiently and where to invest in products and capabilities. Goodyear said the review aims to improve performance and create shareholder value.
Third-quarter net sales fell 2.3% from a year earlier to $4.54 billion, while tire volume declined 3.3% to 38.6 million units. Organic sales rose 1.6% after excluding the effect of divestitures. Goodyear reported a $238 million net loss attributable to the company and a $31 million adjusted net loss. It said lower volume, inflation, tariffs and other costs weighed on segment operating income.
Goodyear Board Chair Joe Hinrichs called it the “right moment to transition leadership.” Wood has served on the board since 2023. He previously held senior positions at Tenneco, Inc. and Dana Holding Corporation and spent 26 years at BorgWarner Incorporated.
The SEC filing sets Wood’s salary at $310,000 a month and provides for monthly restricted stock unit grants with a grant-date value of $1 million. Those terms run for no more than five months and end sooner if a permanent successor is hired. The filing also lists housing, car and travel allowances without estimating the package’s total cost.
The filing classifies Stewart’s departure as a termination “other than for Cause” under Goodyear’s Executive Severance and Change in Control Plan. It gives no reason for his departure. Goodyear has not announced a date for appointing a permanent CEO. Jerome Rouquet is scheduled to become chief financial officer on Dec. 1, succeeding interim CFO Scott Deakin.
