Goodyear Set to Name Stellantis Executive Mark Stewart as CEO Amidst Pressure from Activist Investor Elliott

Goodyear Set to Name Stellantis Executive Mark Stewart as CEO Amidst Pressure from Activist Investor Elliott

Goodyear Set to Name Stellantis Executive Mark Stewart as CEO Amidst Pressure from Activist Investor Elliott

Goodyear Tire & Rubber Co is poised to appoint Stellantis (NYSE:STLA) executive Mark Stewart as its new CEO, responding to pressure from activist investor Elliott Investment Management L.P., according to Bloomberg News on Wednesday.

The announcement of Stewart’s appointment is expected as early as this week, sources familiar with the matter revealed. The search for a new CEO was reportedly unaffected by any settlement with activist investor Elliott, the report added.

Neither Goodyear nor Elliott immediately responded to Reuters’ requests for comment.

In the previous year, the company announced the retirement of its longtime CEO Richard Kramer in 2024 and unveiled business streamlining initiatives, months after reaching a settlement with Elliott in May.

Elliott’s significant investment positioned it as one of Goodyear’s major investors, prompting the firm to advocate for board refreshment, store divestment, and an operational review.

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