Goodyear Tire & Rubber Company chairman, CEO and president Richard J. Kramer has informed the board of his plans to retire in 2024. In connection with Kramer’s planned retirement previously discussed with the board as part of the company’s ongoing and active succession planning process, the Goodyear board said it retained a leading executive search firm to execute a search considering both internal and external candidates.

Under Kramer’s leadership, Goodyear said it delivered the five highest years of annual segment operating income in the company’s history. He also led a transformation of the business to fully fund and de-risk its pension plans, reduce costs, streamline manufacturing and invest for growth. Goodyear said Kramer guided the company through the Covid-19 pandemic and led Goodyear’s largest-ever acquisition – Cooper Tire – in 2021.

“Reflecting on the past 14 years, it has been an incredible privilege to lead this iconic American company as chairman, CEO and president,” Kramer said. “As we embark on our next stage of growth, I am confident that our Goodyear Forward plan will build an even stronger foundation for the next generation of leadership to continue paving the way for Goodyear’s enduring success. I am fully engaged in driving the successful execution of the plan and, with the support and involvement of the board, will assist with the transition when my successor is identified.”