Goodyear Tire CEO Mark Stewart steps down as company continues turnaround plan

Goodyear CEO Mark Stewart has stepped down with immediate effect, and board member Roger Wood has become interim CEO and president. The change comes during a multiyear effort to make the company more efficient and profitable, as it faces pressure to improve its performance.

Goodyear reported third-quarter net sales down 2.3% year on year and an adjusted net loss of $31 million. The company also missed its goal of reaching a 10% operating margin by the end of last year. A board committee is reviewing the company’s businesses and operations for ways to strengthen performance and shareholder value.