AKRON, Ohio — The Goodyear Tire & Rubber Company has announced that Richard J. Kramer plans to retire as chairman, CEO and president of the company in 2024.
In a news release, the company said it has retained a leading executive search firm to execute a search considering both internal and external candidates.
“During his tenure as CEO, Kramer led Goodyear’s evolution into a technology-driven mobility company and fortified the company’s position as a leader in the global tire industry,” the news release stated. “Under his leadership, Goodyear delivered the five highest years of annual segment operating income in the company’s history. He also led a transformation of the business to fully fund and de-risk its pension plans, reduce costs, streamline manufacturing and invest for growth. Notably, Kramer guided the company through the COVID-19 pandemic and led Goodyear’s largest-ever acquisition — Cooper Tire — in 2021.”
Kramer reflected on his time at Goodyear, saying that it has been “an incredible privilege to lead this iconic American company” for the past 14 years.
“As we embark on our next stage of growth, I am confident that our Goodyear Forward plan will build an even stronger foundation for the next generation of leadership to continue paving the way for Goodyear’s enduring success,” Kramer said. “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. Over the coming months, we have substantial work to do to execute the Goodyear Forward plan to deliver profitable growth and value, leveraging our renowned leadership in brands, technology and premium products.”
Laurette T. Koellner, independent lead director of Goodyear’s Board, said that she and the Board extend their gratitude to Rich for his service to the company.
“He successfully navigated Goodyear through a number of challenging cycles, including the aftermath of the financial crisis and the global pandemic,” Koellner said. “Throughout his tenure, Rich has led the Company with a clear long-term vision that positioned Goodyear as a leader at the forefront of the industry, with unmatched competitive advantages,” said “Consistent with Rich’s intent to retire and as part of the Board’s ongoing succession planning process, the Board is committed to a thorough, comprehensive and timely search to identify a proven leader with the skills and expertise to further advance the Goodyear Forward plan.”
Under Kramer’s leadership, Goodyear has been recognized among Newsweek’s Most Responsible Companies, Time’s World’s Best Companies, Fortune’s World’s Most Admired Companies and Forbes’ World’s Best Regarded Companies. Goodyear also has earned recognition for its commitment to sustainability and employment of military personnel and people with disabilities.
Born in Pine Bluff, Arkansas, and raised in East Texas, John Worthen returned to his home state to attend college in 1998 and decided to make his life in The Natural State. Worthen is a 20-year veteran of the journalism industry and has covered just about every topic there is. He has a passion for writing and telling stories. He has worked as a beat reporter and bureau chief for a statewide newspaper and as managing editor of a regional newspaper in Arkansas. Additionally, Worthen has been a prolific freelance journalist for two decades, and has been published in several travel magazines and on travel websites.