Business
GOODYEAR ANNOUNCES NEW DIRECTORS AND STRATEGIC AND OPERATIONAL REVIEW
Adds Three Mutually Agreed-Upon Independent Directors Supported by Elliott Establishes New Board Committee to Oversee Strategic and Operational Review AKRON,
About this update from The Goodyear Tire & Rubber Company
[{"type":"text","content":"Adds Three Mutually Agreed-Upon Independent Directors Supported by Elliott\nEstablishes New Board Committee to Oversee Strategic and Operational Review\nAKRON, Ohio, July 25, 2023 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) (\"Goodyear\") today announced enhancements to its Board of Directors in connection with a cooperation agreement with Elliott Investment Management L.P. (together with its affiliates, collectively \"Elliott\").\n\n \n \n \n \n \n \n\n \nThree highly experienced business leaders, mutually agreed-upon between Goodyear and Elliott, will join the Board effective immediately:\nJoseph R. Hinrichs, President & CEO, CSX CorporationMax H. Mitchell, President & CEO, Crane CompanyRoger J. Wood, Former Co-CEO, TennecoWith these appointments, the Goodyear Board is composed of 15 directors, 13 of whom are independent. Goodyear will nominate up to 12 directors to stand for election at its 2024 annual meeting, including the three new directors.\nFurther, as part of its agreement with Elliott, the Board is establishing a Strategic and Operational Review Committee to oversee and support the Board and management's review of various strategic and operational alternatives to maximize sustainable shareholder-value creation and build upon a number of initiatives that Goodyear has been executing. The committee will be chaired by Goodyear Chairman, CEO and President Richard J. Kramer, and will include James A. Firestone, Thomas L. Williams, Max H. Mitchell and Roger J. Wood. The committee reviews will be supported by Goodyear's financial advisors and a leading consulting firm.\n\"We are pleased that our constructive dialogue with Elliott has culminated in the appointment of three, high-quality, independent directors,\" said Kramer. \"Goodyear is committed to thoughtful and ongoing Board refreshment to ensure we have directors in place with relevant expertise and diverse perspectives to oversee our business today and into the future. We look forward to benefitting from the deep knowledge and experience Joe, Max and Roger bring to our Board as we continue to focus on creating sustained shareholder value.\"\n\"We are pleased to have collaborated with Rich and the Board on the formation of the Strategic and Operational Review Committee and the addition of three new independent directors to Goodyear's Board,\" said Ell...