Goodyear fired CEO and President Mark Stewart Monday, just five days after it announced its third-quarter results, which included a net loss of $238 million.
In the meantime, the company appointed Roger Wood as its interim leader. Wood, 64, is a current member of the company’s board of directors, who spent two years as co-CEO of Teneco after a stint as CEO of Dana Holding Corp.
In a Sunday SEC filing, Goodyear outlined the terms of Wood’s appointment, explaining that while he will continue to serve on the company’s board of directors, he will not be involved with the Human Capital and Compensation Committee or the Governance Committee during his tenure.
Wood will earn $310,000 per month plus a commitment of company stock, temporary housing, a vehicle, and travel allowances, among other benefits.
“Goodyear has iconic brands, talented people and significant opportunities to improve performance and deliver long-term value,” Wood said in a press release.
“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 company’s shares were down about 7 percent when trading opened Monday amidst the news.
Stewart, who led as CEO/president and on the company board of directors for nearly three years, was listed as being terminated “other than for Cause” in the SEC filing. He assumed his role as CEO in January 2024, succeeding Rich Kramer.
Stewart was called up to make Goodyear more profitable, but results from last week’s third-quarter report showed a 2.3% drop in net sales year over year.
Goodyear sells off subsidiaries under Stewart’s leadership
During his tenure, Goodyear sold off several subsidiaries, including:
- Its off-the-road tire business to the Yokohama Rubber Company. The deal transferred infrastructure to support surface and underground mining, construction and quarry, and port and industrial end markets.
- The Dunlop tire brand to Sumitomo Rubber Industries in May 2025. “The sale of the Dunlop brand is another action that advances Goodyear Forward by optimizing our portfolio, reducing leverage and sharpening our focus on our core portfolio of brands,” Stewart said in a press release at the time.
- The majority of its chemical business, including an Akron research office, in May 2025 to a capital management company for $650 million.
Under Stewart’s direction, the company also failed to meet its benchmark of a 10 percent operating margin at the end of 2025. The company has cited tariffs, inflation and higher manufacturing costs as barriers.
According to Monday’s release, Goodyear then formed a special committee of the board to perform a strategic review of the company’s businesses and operations with the goal of “identifying opportunities to strengthen performance and drive shareholder value.”
The company has laid off hundreds of positions the past year, including complete closures of plants in Niagara Falls and Houston, Texas earlier this month.
In late October, the company also announced that Jerome Rouquet will start Dec. 1 a executive vice president and chief financial officer. He currently serves as chief financial officer of Visteon Corporation and previously held senior finance leadership roles at Tenneco and Federal-Mogul. He succeeds interim Chief Financial Officer Scott Deakin.
