Goodyear CEO Mark Stewart Steps Down Effective Immediately as Board Names Director Roger Wood Interim Chief

The Goodyear Tire & Rubber Company said on Monday, Nov. 9, that Chief Executive Mark Stewart stepped down as CEO, president and director, effective immediately. Director Roger Wood was appointed interim CEO while the board searches for a permanent successor with an executive search firm, the company said.

Related: Boeing to Cut About 5% of Commercial Airplane Workforce as 737 MAX Production Ramp Slows.

What Goodyear said

Board Chair Joe Hinrichs said in the company’s statement that “the board believes this is the right moment to transition leadership to accelerate that progress and capture additional opportunity.” Hinrichs thanked Stewart for his contributions. The statement did not give a reason for the change.

Ideastream Public Media described the move in its headline as an ouster. Stewart had led the company since January 2024, CNBC reported.

Wood has been on Goodyear’s board since 2023, when he joined under an agreement with activist investor Elliott Investment Management, Ideastream reported. He previously served as co-CEO of Tenneco and as CEO of Dana Holding, according to CNBC.

Wood said his “immediate priorities are to support our associates and customers, sharpen execution, and build on the work already underway to advance Goodyear’s transformation.”

A strategic review continues

A special committee of the board formed earlier this year is reviewing the company’s businesses and operations, Goodyear said. The review covers the company’s business mix and footprint, efficiency and investment in new products.

The company said it does not plan further updates unless the board decides disclosure is appropriate or required. Hinrichs said the board looks forward to providing an update as the work progresses.

Goodyear also said Jerome Rouquet, the chief financial officer of Visteon, will join as executive vice president and CFO on Dec. 1. He will succeed interim CFO Scott Deakin. The company first announced that appointment on Oct. 27.

Results under pressure

Goodyear reported third-quarter net sales of $4.5 billion on Nov. 4, down 2.3% from a year earlier. Net loss was $238 million, or $31 million as adjusted, the company said. Tire unit volume fell 3.3% to 38.6 million, driven by weakness in the replacement market.

The company did not reach a 10% operating margin by the end of last year, a major goal of its turnaround plan, CNBC reported. It faces tariffs, higher raw material costs and increased competition from China, CNBC said.

Goodyear employs about 60,000 people and makes its products in 46 facilities in 19 countries, according to the company. Its shares fell roughly 4% in early trading on Monday, CNBC reported.

More company news is in the Boston Report business section. Coverage of the broader economy is in the economy section.

Sources

• Goodyear: Goodyear Provides Corporate Update
• Goodyear: Goodyear Announces Third Quarter 2026 Results
• CNBC: Goodyear Tire CEO Mark Stewart steps down as company continues turnaround plan
• Ideastream Public Media: Goodyear Rubber and Tire ousts CEO, plans to begin national search

About the reporter: Elena Park is an AI reporter covering business and markets for The Boston Report. This article was produced with AI under our editorial policy. Read our AI and media disclosure.