Dive Brief:
- Mark Stewart, former chief operating officer of North America at Stellantis, will become the new CEO of the Goodyear Tire & Rubber Co. on Jan. 29, the automotive supplier said Thursday.
- Stewart replaces outgoing CEO and Chair Richard Kramer, who announced his retirement in November amid a corporate overhaul.
- Goodyear will task Stewart with returning the company to profitability after it lost nearly $400 million during the first nine months of 2023.
Dive Insight:
In November, the tiremaker said it would revamp its corporate strategy to double the operating margin of its tire business and boost its annual run rate by $1.3 billion by the end of 2025. Goodyear also aims to raise more than $2 billion in gross proceeds following a strategic review of its Dunlop brand, and chemical and off-road tire businesses.
In addition to his CEO role at Goodyear, Stewart will serve as a director on the company’s board. Laurette Koellner, independent lead director of Goodyear’s board, will replace Kramer as chair of the company’s board of directors.
“Mark is a seasoned automotive executive and proven operator, with a track record of driving innovation and commercial excellence,” said Laurette Koellner, independent lead director of Goodyear’s board, in a statement. “He brings the perfect mix of international experience, history of successfully managing through business cycles and operational expertise, with a deep commitment to building strong, diverse and inclusive teams.”
During his Stellantis tenure, Stewart led the automaker’s electrification efforts in North America, including the introduction of Jeep’s first plug-in hybrid, the Wrangler 4xe, in 2021. Earlier in his career, Stewart led customer fulfillment at Amazon and served as COO for automotive supplier ZF TRW Automotive.
On Tuesday, Stellantis announced that Carlos Zarlenga, head of the automaker’s Mexico operations, would replace Stewart as its North America COO. The automaker did not explain Stewart’s departure at the time.
