- After almost 14 years in the position
- Accolades, praise and thanks for Kramer
- Search for a successor
- Kramer said 124 words
(exechange) — Akron, Ohio, November 15, 2023 — Rich Kramer, chief executive of Goodyear, leaves his position. As announced by Goodyear Tire & Rubber Co. in a news release and in a regulatory filing published on Wednesday, November 15, 2023, Richard J. (Rich) Kramer leaves his post as chief executive officer at the tire company, after almost 14 years in the role, effective in 2024.
Goodyear will undertake a search for a successor.
No reason given
In the announcement, Goodyear did not explicitly explain the reason for the move.
Precise information regarding Rich Kramer’s future plans was not immediately available.
Goodyear said: “Richard J. Kramer has informed the Board of his plans to retire as Chairman, CEO and President of the Company in 2024.”
Goodyear further said: “On November 10, 2023, Richard J. Kramer, Chairman, Chief Executive Officer and President, informed the Board of Directors of The Goodyear Tire & Rubber Company (the “Company”) of his plans to retire in 2024.”
Share price decline since November 2018
The announcement follows a decline in Goodyear Tire & Rubber Co.’s share price of 37% since November 2018.
In the position of CEO since 2010
Rich Kramer became CEO of the Company in 2010.
Kramer joined Goodyear in March 2000 as Vice President – Corporate Finance, serving in that capacity as Goodyear’s principal accounting officer until August 2002, when he was elected Vice President, Finance – North American Tire.
In August 2003, he was named Senior Vice President, Strategic Planning and Restructuring, and in June 2004 was elected Executive Vice President and Chief Financial Officer.
Kramer was elected President, North American Tire in March 2007 and continued to serve as Chief Financial Officer until August 2007.
In June 2009, Kramer was elected Chief Operating Officer and continued to serve as President, North American Tire until February 2010.
He was elected Chief Executive Officer and President effective April 13, 2010 and Chairman effective October 1, 2010.
Prior to joining Goodyear, Kramer was with PricewaterhouseCoopers LLP for 13 years, including two years as a partner.
124 words by Rich Kramer
In the release announcing his departure as CEO of Goodyear Tire & Rubber Co., Rich Kramer received accolades, praise and thanks.
In announcing his departure, Rich Kramer said 124 words.
“Substantial work to do”
Rich 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. Over the coming months, we have substantial work to do to execute the Goodyear Forward plan to deliver profitable growth and value, leveraging our renowned leadership in brands, technology and premium products.”
Push-out Score for Rich Kramer’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Rich Kramer was pushed out or felt pressure to leave his position.
exechange reached out to Goodyear and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 47.2023 ($).