Richard J Kramer, chairman, CEO and president of The Goodyear Tire & Rubber Company, has announced he is to retire in 2024. This planned retirement, previously discussed with the board as part of the ongoing succession planning process, has seen the Board engage a leading executive search firm, which will consider both internal and external candidates.
Kramer played a pivotal role in transforming Goodyear into a technology-driven mobility company, solidifying its position as a global tire industry leader. Under his leadership, the company achieved its five highest years of annual segment operating income.
Kramer oversaw a strategic business transformation, ensuring full funding and de-risking of pension plans, cost reduction, streamlined manufacturing, and strategic investments for growth. Notably, he steered Goodyear through the challenges of the Covid-19 pandemic and orchestrated its largest-ever acquisition, Cooper Tire, in 2021.
Reflecting on his 14 years at the helm, Kramer expressed gratitude for leading the iconic American company and highlighted how the Goodyear Forward plan will strengthen the foundation for the next generation of leadership: “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.”
The Board expressed its “deep gratitude” for Kramer’s leadership and contributions, and emphasized his success in navigating through challenging cycles. Laurette T Koellner, independent lead director of Goodyear’s board, acknowledged Kramer’s retirement intent and emphasized the Board’s commitment to a thorough and timely search for a leader capable of advancing the Goodyear Forward plan.
Under Kramer’s guidance, Goodyear earned recognition for its responsible business practices, being named among Newsweek‘s Most Responsible Companies, Time‘s World’s Best Companies, Fortune‘s World’s Most Admired Companies, and Forbes‘s World’s Best Regarded Companies. The company has also received acclaim for its commitment to sustainability and the employment of military personnel and individuals with disabilities.