Cooper VP & CFO Announces Retirement

Following a career with Cooper Tire & Rubber spanning almost two entire decades, company vice president and chief financial officer Phil Weaver has announced plans to retire later this year. The 56-year old joined Cooper in 1990 and held the positions of tyre division controller (1990 to 1994) and tyre division vice president (1994 to 1998) before being appointed to his current role.

“I want to thank Phil for his years of service and commitment to Cooper Tire,” said Cooper Tire chairman, president and CEO Roy Armes. “While Phil was the CFO of Cooper, he was responsible for managing the finance function with a high level of integrity and within strict accordance with all federal and SEC regulations and guidelines. His contributions to the Company were key to many of the successes that Cooper has enjoyed.”

Cooper anticipates naming a successor by the end of 2009. The company states it is currently conducting a search and will consider both internal and external candidates as Phil Weaver’s successor. Mr. Weaver will continue in his CFO capacity and serve on the company’s Executive Committee until a successor is announced and an appropriate plan is in effect to ensure a smooth transition of responsibilities.

Upon the announcement of his retirement, Phil Weaver commented that though he has enjoyed his work, he is looking forward to his retirement and pursuing interests outside of the business world and tyre industry. “Cooper has strong internal processes and very good people. I am confident that the Company will continue to operate as a solid organisation during the upcoming transition,” he concluded.