AKRON (Aug. 4, 2010)—Goodyear's board of directors has elected Richard Kramer chairman, effective Oct. 1.
Kramer, who will continue as president and CEO, succeeds Robert Keegan, who will step down as chairman and a director and retire from the company.
Kramer, 46, succeeded Keegan as president and CEO on April 13. Since joining Goodyear in 2000, Kramer has served as vice president of corporate finance, senior vice president of strategy, chief financial officer, president of the Akron-based tire maker's North American Tire unit and chief operating officer.
“This is the next step and a natural evolution of the well thought-out and orderly succession plan,” said James Boland, Goodyear's lead director. “Bob Keegan agreed to stay on as executive chairman earlier this year to assist with the transition. Both Bob and the board felt that the time is right to complete the process.”
Keegan, 63, joined Goodyear in 2000 as chief operating officer. He became president and CEO in January 2003 and chairman of the board in July of that same year.
“I can retire with confidence, knowing that Goodyear is in good hands,” Keegan said. “Rich has clearly demonstrated his ability to lead the company into the future.”