Goodyear CEO Mark Stewart Exits as Turnover Plan Stalls

Goodyear Tire & Rubber Co. said Monday that CEO Mark Stewart is stepping down effective immediately, handing the top job to board member Roger Wood on an interim basis while the tiremaker searches for a permanent replacement.

The move lands less than two years into Stewart's tenure. He was hired in January 2024 with a mandate to revitalize the legacy American business and make it more efficient and profitable. Results have disappointed so far.

What do the numbers say?

Last week Goodyear reported third-quarter net sales down 2.3% year over year and an adjusted net loss of $31 million. The company also failed to reach a 10% operating margin by the end of last year — a major goal of the turnaround plan Stewart was brought in to deliver.

Investors didn't wait for the transition to settle. Goodyear shares fell roughly 4% in early trading Monday.

The leadership change comes mid-flight in a multiyear transformation plan. Goodyear said it formed a special committee of the board earlier this year to conduct what it called a "strategic review of the company's businesses and operations focused on identifying opportunities to strengthen performance and drive shareholder value."

Who is Roger Wood?

Wood has sat on Goodyear's board since July 2023. He previously served as co-CEO of Tenneco and as CEO of Dana Holding Corporation, giving him decades of auto-supplier executive experience.

He takes the president's title as well as the interim CEO role. The company said it will start a formal search for a permanent replacement as part of its ongoing strategic review.

Why did the board act now?

Goodyear Chair Joe Hinrichs framed the exit as a timing decision rather than a verdict on the plan itself. "Goodyear has made meaningful progress in becoming a more efficient and focused company, and the board believes this is the right moment to transition leadership to accelerate that progress and capture additional opportunity," Hinrichs said in a press release.

The company said Monday it will continue the strategic review by evaluating initiatives that include:

• further optimizing the company's business mix and footprint
• improving efficiency across operations
• investing in new products and capabilities that support long-term growth

External pressures have compounded the internal ones. Goodyear has faced headwinds from tariffs, higher raw material costs and increased competition from China, squeezing margins while the turnaround was supposed to be taking hold.

What happens next?

The permanent-CEO search now runs alongside the board's strategic review, meaning Goodyear's next leader could inherit a reshaped portfolio rather than the company Stewart joined. Wood's immediate task is steadying operations while the committee decides which businesses stay — and the market will be watching whether the 10% operating margin target survives the transition.