Shakeup at Goodyear: Stewart out, Wood in as interim CEO
Goodyear has ousted Chief Executive Officer Mark Stewart, naming board member Roger Wood as interim chief executive. The abrupt leadership change at the tire manufacturer takes effect immediately and coincides with the company's third-quarter losses. Following the sudden departure of Stewart, Goodyear Tire stock fell 7 percent. The executive shakeup occurs while the company continues executing its ongoing turnaround plan.
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- ✓ Mark Stewart has stepped down as CEO of Goodyear.
- ✓ Roger Wood has been named interim CEO.
- ✓ Goodyear Tire stock fell 7 percent following the CEO exit.
What changed
Mark Stewart was ousted as Goodyear CEO and replaced immediately by board member Roger Wood.
Live updates
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Goodyear Ousts CEO Mark Stewart
Goodyear has ousted Chief Executive Officer Mark Stewart, naming board member Roger Wood as interim chief executive. The abrupt leadership change at the tire manufacturer takes effect immediately and coincides with the company's third-quarter losses. Following the sudden departure of Stewart, Goodyear Tire stock fell 7 percent. The executive shakeup occurs while the company continues executing its ongoing turnaround plan.
Why it matters
The departure of the chief executive marks an abrupt shift for the tire manufacturing company during a period of financial strain highlighted by third-quarter losses. Board member Roger Wood steps into the interim leadership role as the organization attempts to steady its ongoing turnaround strategy. Such sudden changes at the top of major industrial firms frequently trigger market volatility and shifts in corporate strategy.
What is confirmed
- Mark Stewart has stepped down as CEO of Goodyear.
- Roger Wood has been named interim CEO.
- Goodyear Tire stock fell 7 percent following the CEO exit.
Still unconfirmed
- Goodyear fired Mark Stewart specifically because of third-quarter losses.
What to watch next
- Further announcements regarding the permanent CEO search
- Updates on the company turnaround plan under interim leadership
confidence 100%Sources used for this update (7)
- WSJ — Goodyear CEO Mark Stewart Steps Down
- CNBC — Goodyear Tire CEO Mark Stewart steps down as company continues turnaround plan
- Akron Beacon Journal — Goodyear ousts Mark Stewart as CEO, names board member interim CEO
- Yahoo Finance — Goodyear Tire stock falls 7% as CEO Mark Stewart exits abruptly
- Tire Business — Shakeup at Goodyear: Stewart out, Wood in as interim CEO
- Signal Akron — Goodyear fires CEO amid third-quarter losses
- WKYC — Goodyear CEO Mark Stewart steps down effective immediately as Roger Wood named interim chief executive
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