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Replace 7:05am on Jan. 18: Provides firm affirmation.
Goodyear Tire (NASDAQ:GT) named Stellantis NV (STLA) govt Mark Stewart as its new chief govt amid a push from activist investor Elliott Funding Administration.
Stewart will assume the CEO position on Jan. 29, in accordance to a assertion on Thursday. Laurette T. Koellner, unbiased director of Goodyear’s Board since 2019, will develop into non-executive board chair, and Stewart shall be added to the Goodyear (GT) board as a director.
The brand new CEO comes after Goodyear (GT) in November introduced that CEO and Chairman Richard Kramer was retiring after 14 years as head of the tire maker and that the board was looking for his successor. On the time, Goodyear additionally stated it was exploring strategic options for some items, together with its chemical enterprise and Dunlop tire model.
“Following an ongoing and energetic succession planning course of culminating in a complete search, the Board is assured Mark is the perfect CEO for Goodyear as we proceed executing in opposition to the Goodyear Ahead plan,” Koellner stated within the assertion.
Elliott reported a stake in Goodyear (GT) in Might and deliberate to hunt 5 board seats, in addition to the sale of its company-owned retailer community.
Goodyear (GT) got here to an settlement with Elliott in July that included including CSX (CSX) CEO Joseph Hinrichs, Crane Firm (CR) CEO Max Mitchell, and Tenneco CEO Roger Wooden to the tire big’s board.
Information of Stewart’s appointment was reported earlier by Bloomberg.
Stellantis (STLA) introduced Tuesday that Carlos Zarlenga will exchange Stewart as chief working officer of North America efficient Feb. 1.