Goodyear CEO Mark Stewart Steps Down Immediately, Roger Wood Named Interim Chief

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The Goodyear Tire & Rubber Company said on Monday, November 9, that Mark Stewart has stepped down as chief executive officer and president and from the company’s board of directors, effective immediately, and that Roger Wood, a member of the board since 2023, has been appointed interim chief executive officer. The Akron, Ohio-based tire maker said Wood will lead the company while the board conducts a search for a permanent successor with a leading executive search firm, according to the company’s announcement via PR Newswire.

The leadership change comes while a special committee of the board, formed earlier this year, conducts a strategic review of Goodyear’s businesses and operations. The company said the board, together with its Enterprise Transformation Office, is evaluating a broad range of strategic and operational initiatives, including further optimizing the company’s business mix and footprint, improving efficiency and investing in new products and capabilities that support long-term growth. Goodyear said it does not intend to provide further updates on the review unless and until the board determines that additional disclosure is appropriate or required.

Board Chair Joe Hinrichs said Goodyear has made meaningful progress in becoming a more efficient and focused company and that the board believes this is the right moment to transition leadership to accelerate that progress. He said Wood brings extensive automotive and industrial chief executive experience, deep operational expertise and strong relationships across original equipment manufacturers and aftermarket customers, and that Wood has the board’s full confidence while the search runs. Wood has more than three decades of leadership experience in the automotive and manufacturing industries and previously served as co-chief executive officer of Tenneco Inc., the company said, and he is stepping down as chair of the board’s human capital and compensation committee.

Stewart took the top job in January 2024, succeeding Rich Kramer, after serving as chief operating officer for North America at Stellantis, the Akron Beacon Journal reported. Goodyear describes itself as one of the world’s largest tire companies, employing about 60,000 people and manufacturing in 46 facilities in 19 countries. The chief executive change is not the only leadership transition under way: Goodyear said on October 27 that Jerome Rouquet, currently chief financial officer of Visteon Corporation, will join as executive vice president and chief financial officer on December 1, succeeding interim chief financial officer Scott Deakin.

Goodyear gave no timetable for completing the search or the strategic review. What the review produces, and who the board chooses as permanent chief executive, will set the direction for the company, whose market capitalization, explained in our library, and readers can follow further leadership changes on our Corporate America desk.

Educational coverage — not tax or investment advice.