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Speculations are rife that Goodyear Tire (NASDAQ:GT) is on the cusp of announcing Stellantis NV (STLA) executive Mark Stewart as its new chief executive in response to pressure from activist investor Elliott Investment Management.
The anticipated appointment of Stewart by Goodyear (GT) is expected to be made public imminently, as per a Bloomberg report this week, which was substantiated by individuals with knowledge of the matter.
The imminent CEO succession follows Goodyear’s (GT) announcement in November regarding the retirement of CEO and Chairman Richard Kramer, who had led the tire manufacturer for 14 years. Concurrently, the board had initiated the quest for Kramer’s successor. At the time, Goodyear also disclosed its exploration of strategic options for some segments, encompassing its chemical business and Dunlop tire brand.
Having acquired a stake in Goodyear (GT) in May, Elliott had articulated plans to vie for five board seats and advocate for the divestiture of the company-owned store network.
In July, Goodyear (GT) reached an agreement with Elliott, which entailed the addition of CSX (CSX) CEO Joseph Hinrichs, Crane Company (CR) CEO Max Mitchell, and Tenneco CEO Roger Wood to the tire giant’s board.
Stellantis (STLA) recently declared that Carlos Zarlenga is set to replace Stewart as the chief operating officer of North America, effective February 1.
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