Stewart joined Goodyear in January 2024 to improve the efficiency and profitability of the legacy American business. The company’s latest results fell short: third-quarter net sales declined 2.3% year over year, and Goodyear reported an adjusted net loss of $31 million. It also missed a key turnaround target of reaching a 10% operating margin by the end of last year.
Earlier this year, Goodyear formed a special board committee to review its businesses and operations, with a stated focus on strengthening performance and shareholder value. The company said Monday the review would continue, examining ways to optimize its business mix and footprint, improve efficiency, and invest in products and capabilities aimed at long-term growth.
“Goodyear has made meaningful progress in becoming a more efficient and focused company,” Chair Joe Hinrichs said in a press release, adding that the board viewed the leadership change as an opportunity to accelerate progress. Wood has served on Goodyear’s board since July 2023. He was previously co-CEO of Tenneco and CEO of Dana Holding Corporation.
Goodyear has faced pressure from tariffs, higher raw-material costs and increased competition from China. Its shares were down roughly 4% in early trading Monday.
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