Richard J. Kramer has informed Goodyear’s board of his plans to retire as chairman, CEO and president of the company in 2024.
Goodyear said in statement released today that Kramer’s decision to retire was “planned” and had been “previously discussed” with the board.
The tyre maker added that a succession plan is currently underway, with the Goodyear board retaining “a leading executive search firm to execute a search considering both internal and external candidates”.
Kramer became chief executive in 2010 and was elected chairman by Goodyear’s board of directors later the same year.
Goodyear said that during his tenure as CEO, Kramer led its evolution into a technology-driven mobility company and fortified the company’s position as a leader in the global tyre industry.
Under his leadership, Goodyear added that it delivered the five highest years of annual segment operating income in the company’s history. He also led a transformation of the business to “fully fund and de-risk its pension plans, reduce costs, streamline manufacturing and invest for growth”.
Notably, Kramer guided the company through the recent pandemic and led Goodyear’s largest-ever acquisition – Cooper Tire – in 2021.
Commenting on his tenure, Kramer stated: “Reflecting on the past 14 years, it has been an incredible privilege to lead this iconic American company as chairman, CEO and president.
“As we embark on our next stage of growth, I am confident that our Goodyear forward plan will build an even stronger foundation for the next generation of leadership to continue paving the way for Goodyear’s enduring success.
“I am fully engaged in driving the successful execution of the plan and, with the support and involvement of the board, will assist with the transition when my successor is identified.”