Goodyear has appointed current president and CEO Richard Kramer as chairman of the board with effect from 1 October succeeding Robert Keegan who is to retire.
Kramer succeeded Keegan as president and CEO on 13 April and since coming to Goodyear in 2000, Kramer has served as vice president of corporate finance, senior vice president of strategy, chief financial officer, president of North American Tyre and chief operating officer.
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“This is the next step and a natural evolution of the succession plan,” said Goodyear lead director James Boland. “Bob Keegan agreed to stay on as executive chairman earlier this year to assist with the transition. Both Bob and the board felt the time is right to complete the process.”
Keegan joined Goodyear in 2000 as chief operating officer. He became president and CEO in January 2003 and chairman of the board in July of the same year.
Goodyear recently reported increased second quarter sales up 15% compared to last year, with tyre performance improving across all four of the company’s business segments.
Net income was up by US$249m, while North America’s tyre segment operating income increased by more than US$100m. Year-to-date cost savings exceeded US$280 million.
