Akron-based Goodyear Tire & Rubber Company announced a sudden change at the top on Monday morning, naming board member Roger Wood as interim chief executive officer effective immediately as Mark Stewart steps down as CEO and president and from the company’s board of directors.
The change was announced at 7:30 a.m. Monday in a corporate update from Goodyear via PR Newswire. Wood, who has served on Goodyear’s board since 2023, will lead the Akron-headquartered tire maker while the board conducts a search for a permanent successor with a leading executive search firm, the company said in its announcement via PR Newswire. Wood is also stepping down as chair of the board’s human capital and compensation committee in connection with the appointment.
“Goodyear has made meaningful progress in becoming a more efficient and focused company, and the board believes this is the right moment to transition leadership to accelerate that progress and capture additional opportunity,” board chair Joe Hinrichs said in Goodyear’s announcement via PR Newswire. “Roger brings extensive automotive and industrial CEO experience, deep operational expertise and strong relationships across OEMs and aftermarket customers. He knows Goodyear, understands the opportunities ahead and has the board’s full confidence,” Hinrichs said in the announcement via PR Newswire, adding, “We thank Mark for his contributions to Goodyear.”
Wood previously served as co-chief executive officer of Tenneco Inc. and also serves on the boards of PHINIA Incorporated and Brunswick Corporation, bringing more than three decades of automotive and manufacturing leadership experience, Goodyear said in its announcement via PR Newswire. “Goodyear has iconic brands, talented people and significant opportunities to improve performance and deliver long-term value,” Wood said in Goodyear’s announcement via PR Newswire. “As I step into this role, my immediate priorities are to support our associates and customers, sharpen execution, and build on the work already underway to advance Goodyear’s transformation.”
The leadership change lands in the middle of a strategic review a special committee of Goodyear’s board formed earlier this year to examine the company’s businesses and operations. The board is evaluating a broad range of strategic and operational initiatives, including further optimizing business mix and footprint, improving efficiency, and investing in new products and capabilities, Goodyear said in its announcement via PR Newswire. “The board formed a special committee earlier this year to conduct a rigorous strategic review of the company to help strengthen performance and create shareholder value,” Hinrichs said in the announcement via PR Newswire.
It also follows a difficult third quarter. Goodyear reported $174 million in segment operating income for the quarter, down from $287 million a year earlier, on $4.5 billion in net sales, according to the Akron Beacon Journal’s Nov. 5 reporting. The Beacon Journal reported headwinds including $69 million in inflation costs, $8 million in tariff expenses and $29 million in raw-materials costs in the quarter, and an adjusted loss of 11 cents per share.
The transition is the second major executive change Goodyear has announced in two weeks. Jerome Rouquet will join as executive vice president and chief financial officer on Dec. 1, succeeding interim CFO Scott Deakin, Goodyear said in its announcement via PR Newswire. In September, Goodyear reported in a federal filing that it plans to close chemical manufacturing plants in Niagara Falls, New York, and near Houston by the end of 2027, with about 85 layoffs, following the 2025 sale of its chemicals business, according to the Akron Beacon Journal.
For Akron, Goodyear is more than a ticker symbol. The company employs about 60,000 people worldwide, manufactures in 46 facilities in 19 countries, and keeps one of its two Innovation Centers in Akron, the other in Colmar-Berg, Luxembourg, according to Goodyear’s announcement via PR Newswire. The city’s tire heritage remains a point of civic identity — Akron recently dedicated a 17-foot tire sculpture at Lock 3, as NewsForce247 reported earlier this fall. Leadership and footprint decisions made in Akron’s headquarters are watched across Northeast Ohio’s manufacturing economy, much as other regional employers’ restructurings are — including the Nestlé packaging plant closure in Solon covered earlier this year.
What we know — and what we’re still waiting on
Confirmed from Goodyear’s own announcement via PR Newswire: Stewart is out immediately, Wood is in as interim CEO, a permanent search is underway, and the board’s strategic review continues. Not yet known: any timetable for naming a permanent CEO, whether the strategic review will produce sales or footprint changes affecting Akron jobs, and how investors will receive the change when markets trade on the news Monday.
What happens next: Wood leads the company through the review while the search firm conducts the permanent-CEO search, and Rouquet takes over as chief financial officer on Dec. 1. Goodyear said in its announcement via PR Newswire that it does not intend to provide further updates on the review unless the board determines disclosure is appropriate or required. NewsForce247 will append confirmed developments to this story.