Joe Raedle/Getty Images News
Goodyear Tire (NASDAQ:GT) is expected to name Stellantis NV (STLA) executive Mark Stewart as its new chief executive amid a push from activist investor Elliott Investment Management.
Goodyear (GT) is set to announce the Stewart appointment as soon as this week, according to a Bloomberg report on Wednesday, which cited people familiar with the matter.
The new CEO comes after Goodyear (GT) in November anounced that CEO and Chairman Richard Kramer was retiring after 14 years as head of the tiremaker and that the board was searching for his successor. At the time, Goodyear also said it was exploring strategic alternatives for some units, including its chemical business and Dunlop tire brand.
Elliott reported a stake in Goodyear (GT) in May and planned to seek five board seats, as well as the sale of its company-owned store network.
Goodyear (GT) came to an agreement with Elliott in July that included adding CSX (CSX) CEO Joseph Hinrichs, Crane Company (CR) CEO Max Mitchell, and Tenneco CEO Roger Wood to the tire giant’s board.
Stellantis (STLA) announced Tuesday that Carlos Zarlenga will replace Stewart as chief operating officer of North America effective Feb. 1.
