Goodyear Tire & Rubber Co announced on Thursday the appointment of Stellantis NV (NYSE:STLA, EPA:STLA) executive Mark Stewart as the company’s new president and CEO, effective January 29, 2024.
The move comes following a pressure campaign by shareholder activist Elliott Investment Management, Bloomberg reported.
Stewart succeeds Richard Kramer, who previously announced his planned retirement from the company after 24 years of employment and will continue to serve Goodyear in an advisory capacity to ensure a smooth transition.
Laurette Koellner, Goodyear’s independent lead director, will become the non-executive chair.
The auto-related manufacturer initiated a review to maximize shareholder value last July after cutting jobs to deal with softening demand and spiraling inflation, the media outlet noted.
Shares of Goodyear rose 1.3% to $14.06 in late-morning trading on Thursday.