Goodyear posts $238 million quarterly loss as CEO Mark Stewart exits

Goodyear Tire and Rubber Company reported a net loss of $238 million for the third quarter on Friday, a financial result that coincided with the immediate departure of Chief Executive Officer Mark Stewart. The Akron-based firm announced the leadership change on Monday, marking a sharp pivot in executive direction after sales fell 2.3 percent compared to the same period in the previous year.

Board Chair Joe Hinrichs stated that the company had made progress toward greater efficiency and focus. He described the current moment as appropriate for a leadership transition to maintain that trajectory. Hinrichs noted that the board established a special committee earlier in the year to conduct a rigorous strategic review. This review aimed to strengthen performance and create shareholder value.

The board, working with the Enterprise Transformation Office, is evaluating a wide range of strategic and operational opportunities. Hinrichs said the company is committed to taking the right actions to position Goodyear for stronger performance and long-term success. He indicated that the board looks forward to providing updates as this work progresses.

Stewart, who has led the company since 2024, is stepping down effective immediately. Roger Wood, a board member since 2023, will serve as interim CEO. Wood joined the board through an agreement with activist investor Elliott Investment Management. Before his current role, he served as co-CEO of Tenneco Inc.

Wood said his immediate priorities are to support associates and customers. He also aims to sharpen execution and build on the work already underway to advance the company's transformation. The board plans to engage a search firm to identify a permanent successor for the CEO position.