A major leadership shakeup is underway at Akron-based Goodyear Tire & Rubber Company, with the company’s new interim CEO set to receive a compensation package valued at more than $1.3 million per month.
The tiremaker announced Monday that CEO and President Mark Stewart is leaving the company and its board of directors, effective immediately.
Roger Wood, a current Goodyear board member, has been appointed interim CEO while the company conducts a search for a permanent replacement.
The announcement comes just days after Goodyear reported a $238 million net loss for the third quarter of 2026, along with declining sales and tire volumes.
According to a filing with the Securities and Exchange Commission, Stewart’s departure was classified as a termination “other than for Cause.” The company has not publicly provided a more specific explanation for the leadership change.
Interim CEO’s Compensation Package
Goodyear’s SEC filing reveals that Wood, 64, will receive a monthly salary of $310,000, along with restricted stock unit grants valued at $1 million per month.
Combined, that’s approximately $1.31 million in monthly salary and stock-grant value, not including additional benefits.
The stock grants will continue for up to five months or until a permanent CEO is hired, whichever comes first.
If Wood serves for the full five-month period and receives both forms of compensation throughout, the combined salary and stock-grant value would total approximately $6.55 million.
The filing also provides for temporary housing, car and travel allowances, reimbursement of certain legal fees, and participation in company benefit programs.
The stock grants are not cash payments, and their eventual value may differ from the amount reported at the time of the awards.
Leadership Change Comes Amid Financial Challenges
Goodyear Board Chair Joe Hinrichs said the company has made progress toward becoming more efficient, but the board believes now is the right time for a leadership transition to accelerate that progress.
Wood has served on Goodyear’s board since 2023 and brings more than 30 years of experience in the automotive and manufacturing industries. He previously served as co-CEO of Tenneco and CEO of Dana Holding Corporation.
The leadership change comes as a special board committee continues reviewing Goodyear’s operations, business structure and potential cost-saving measures.
That review includes evaluating the company’s manufacturing footprint, improving efficiency and identifying opportunities for long-term growth.
No specific Akron-area job cuts or facility closures were announced as part of Monday’s leadership change.
Goodyear is also preparing for a change in its financial leadership. Jerome Rouquet is scheduled to take over as chief financial officer on Dec. 1.
The company employs approximately 60,000 people worldwide and maintains one of its two global innovation centers in Akron.
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