Goodyear Tire & Rubber has replaced chief executive Mark Stewart with board member Roger Wood on an interim basis, with the change taking effect immediately.
The leadership shake-up comes as the US tyre maker continues a multi-year transformation intended to improve efficiency and profitability across the business.
Stewart joined Goodyear in January 2024 to lead the turnaround of the long-established American company. However, its latest results showed net sales falling 2.3% year on year, while it reported an adjusted net loss of $31 million in the third quarter.
Goodyear also failed to meet a key target of achieving a 10% operating margin by the end of last year.
Wood has served on Goodyear’s board since July 2023. He was previously co-chief executive of Tenneco and chief executive of Dana Holding Corporation.
Goodyear said a special board committee established earlier this year would continue a strategic review of its businesses and operations. The review is focused on identifying ways to strengthen performance and increase shareholder value, including changes to the company’s business mix and footprint, further efficiency measures and investment in new products and capabilities.
Joe Hinrichs, Goodyear’s chairman, said: “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.”
The company said it would begin searching for a permanent chief executive as part of the review. Goodyear has been contending with tariffs, higher raw material costs and increased competition from China.
Shares in Goodyear fell by about 4% in early trading on Monday.
