Joe Raedle/Getty Images News
Goodyear Tire (NASDAQ:GT) is poised to designate Mark Stewart, an executive from Stellantis NV (STLA), as its new chief executive in response to pressure from activist investor Elliott Investment Management.
The announcement of Stewart’s appointment by Goodyear (GT) is expected imminently, according to a report from Bloomberg on Wednesday, which cited sources familiar with the matter.
Following the retirement of CEO and Chairman Richard Kramer in November after 14 years at the helm of the tiremaker, Goodyear (GT) disclosed its quest for a successor. Additionally, the company revealed its exploration of strategic options for some units, including its chemical business and the Dunlop tire brand.
Elliott Investment Management acquired a stake in Goodyear (GT) in May and outlined plans to pursue the addition of five board seats, as well as the divestiture of its company-owned store network.
In July, Goodyear (GT) reached an agreement with Elliott, which entailed the appointment of CSX (CSX) CEO Joseph Hinrichs, Crane Company (CR) CEO Max Mitchell, and Tenneco CEO Roger Wood to the tire giant’s board.
Stellantis (STLA) disclosed on Tuesday that Carlos Zarlenga will assume the role of chief operating officer of North America, replacing Stewart effective Feb. 1.