Rich Kramer isn’t the only member of The Goodyear Tire & Rubber management team who will retire in 2024. Both Darren Wells and Stephen McClellan plan to end their service with the tyre maker within the coming quarter of a year.
NASCAR has honoured Goodyear’s Rich Kramer with the Bill France Award of Excellence in recognition of his leadership and contributions to the motorsport series as chief executive and president of Goodyear. Jim France, chairman and chief executive officer of NASCAR, presented Kramer with the accolade during the 2023 NASCAR Cup Series Awards on 30 November.
Richard J. Kramer has informed Goodyear’s board of his plans to retire as chairman, CEO and president of the company in 2024. Goodyear described Kramer’s retirement as “planned” and added that the subject has been “previously discussed with the board as part of the company’s ongoing and active succession planning process”. No successor has been named, but, as part of those plans, “the Goodyear Board retained a leading executive search firm to execute a search considering both internal and external candidates”.
The Science Based Targets initiative (SBTi) has validated Goodyear’s near-term and net-zero greenhouse gas (GHG) reduction targets. SBTi evaluated the tyre maker’s Scope 1 and Scope 2 near-term target ambition and determined this to be “in line with a trajectory of limiting warming to 1.5°C above pre-industrial levels.” The SBTi team also evaluated the Scope 1, 2 and 3 long-term target ambition and considers this aligned with its 1.5°C mitigation pathways for reaching net-zero greenhouse gas emissions by 2050.
The open letter that Elliott Investment Management L.P. sent to The Goodyear Tire & Rubber Company on 11 May 2023 was met with a promise to review the shareholder’s recommendations, which included the initiation of an operational review and the appointment of “five new highly qualified independent directors.” While Goodyear hasn’t met this wish list in its entirety, today the company announced three additions to its Board of Directors in connection with a cooperation agreement with Elliott.
The Goodyear Tire & Rubber Company has released its report on corporate responsibility performance for 2022, a document that details the company’s efforts to create value for its internal and external stakeholders by integrating sustainability throughout its business. The report also highlights the progress Goodyear is making toward achieving its short- and long-term sustainability goals.
In its letter to the Goodyear Board, Elliott Investment Management L.P. requests engagement on Board Enhancement, monetising Goodyear’s retail platform, and forming an Operational Review Committee. At the receiving end of Elliott’s open letter are Goodyear CEO Rich Kramer and the current board of directors. The declaration that “we believe Elliott’s strength is in catalysing change” can be read as a promise to dissatisfied Goodyear shareholders and a threat to the leadership team.
Elliott Investment Management’s letter to Richard Kramer and members of the Goodyear Board of Directors contains the reassurance that it does not seek “any reductions in plant capacity or factory workforce.” Comforting words perhaps for members of the 74,000-strong Goodyear Tire & Rubber Company team engaged in production within the company’s 57 factories, but office-based employees have less reason to breathe easy.
The Goodyear Tire & Rubber Company announced the appointment of Christina Zamarro to the role of Executive Vice President and Chief Financial Officer, reporting to Chairman, Chief Executive Officer and President Richard J. Kramer on 14 December. Zamarro succeeds Darren R. Wells, who will become Executive Vice President and Chief Administrative Officer. Both appointments are effective 1 January 2023.
Larger than ever following its acquisition of Cooper Tire in 2021, Goodyear Tire & Rubber reported year-on-year net sales growth of 31 per cent in Q2 2022. Sales amounted to US$5.2 billion in the three months to 30 June 2022, and Goodyear states that even excluding the Cooper transaction, this figure reflects year-on-year growth of over 15 per cent. Other factors driving this increase included improvements in price/mix, higher volume, and increased sales from other tyre-related businesses.
The Goodyear Tire & Rubber Company has published its report on corporate responsibility performance for 2021. It comments that the report, which summarises the progress made toward achieving the company’s short- and long-term sustainability goals, further demonstrates its commitment to ethical and sustainable processes, materials and programmes.
The Goodyear Tire & Rubber Company has announced a goal of reaching net-zero value chain greenhouse gas (GHG) emissions by 2050, aligned with the Science Based Targets initiative (SBTi) and its new Net-Zero Standard. The company also announced its commitment to achieve near-term science-based targets by 2030, and in 2022 will submit both targets to SBTi for independent validation.
A broadened remit for Christopher P. Helsel: The Goodyear Tire & Rubber Company has announced he will succeed Jonathan Bellissimo as senior vice president, global operations following the latter’s retirement after a Goodyear career spanning four decades. Helsel will also continue as chief technology officer, a role he’s held for the past three years.
Preliminary results for the first quarter of The Goodyear Tire Rubber Company’s 2020 financial year were published today, with the company confirming its fiscal performance during the three months to 31 March was “greatly affected by the economic disruption associated with the COVID-19 pandemic.” Tyre unit volumes declined 18 per cent year-on-year to approximately 31 million units and sales dropped 16.7 per cent to around US$3.0 billion.
Goodyear has unveiled AndGo, a vehicle servicing platform that combines predictive software and its US service network for consumer fleets, at the 2020 Consumer Electronics Show in Las Vegas. Currently available in selected US markets, the company states that it will expand its coverage by the middle of 2020.