Goodyear Tire & Rubber Co. said Monday that Chief Executive Mark Stewart is stepping down effective immediately, with board member Roger Wood taking over as interim chief executive and president, CNBC reported¹.

CNBC said Stewart had served as CEO since January 2024. Wood has been on the board since July 2023 and previously served as co-CEO of Tenneco and as CEO of Dana Holding Corporation, according to the report¹.

The leadership change comes as Goodyear continues a multiyear transformation plan, CNBC said. The company reported last week that third-quarter net sales were down 2.3% year over year and posted an adjusted net loss of $31 million, according to CNBC, which said Goodyear did not reach a 10% operating-margin goal by the end of last year¹.

Goodyear said it formed a special committee of the board earlier this year to review businesses and operations, CNBC reported, and said Monday it would keep evaluating initiatives including its business mix, footprint, efficiency, and new products¹.

Chair Joe Hinrichs said in a company press release, as quoted by CNBC, that the board believes this is the right moment to transition leadership. Goodyear will start a search for a permanent replacement as part of its strategic review, CNBC said¹.

CNBC said the company has faced tariffs, higher raw-material costs, and increased competition from China, and that Goodyear shares were down roughly 4% in early trading Monday¹.

Sources

1. CNBCGoodyear Tire CEO Mark Stewart steps down as company continues turnaround plan9:31 AM

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