Goodyear Tire & Rubber Co is expected to name Stellantis executive Mark Stewart as its new CEO following a pressure campaign by activist investor Elliott Investment Management L.P., Bloomberg News reported on Wednesday.
Goodyear plans to announce Stewart’s appointment as soon as this week, the report said, citing people familiar with the matter.
The search for a new CEO was not influenced by a settlement with activist investor Elliott, the report added. Goodyear and Elliott did not immediately respond to Reuters’ requests for comment.
Last year, the company said its longtime CEO Richard Kramer was set to retire in 2024, while unveiling initiatives to streamline its business, months after the Elliot settlement in May.
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Elliott’s investment made it one of Goodyear’s biggest investors.
The firm urged the company to refresh the board, sell its stores and conduct an operational review.
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