AKRON—Goodyear's top executive reassured shareholders at the company's April 11 annual meeting in Akron that their company is well positioned to grow profitably following a third consecutive year of strong segment operating income.
“I believe we're clearly on the right path, and we expect our positive momentum to continue in 2016,” Richard Kramer, chairman, CEO and president, told the assembled shareholders, referring to the firm's $2 billion in segment operating income and $966 million in cash flow last year.
“Not only have our results allowed us to continue to invest in our business for future growth,” he said, “but they have allowed us to strengthen our balance sheet while at the same time returning capital to shareholders through dividends and share repurchases.”
Kramer stressed that this strategy demonstrates the company's focus on creating shareholder value over the long term, pointing out that Goodyear ranked 30th among all Stanard & Poor's 500 companies in total shareholder return over the 2013-15 period.
“Our strategy is founded on the development of innovative products—from the market-back—that enhance the value of the Goodyear brand and distinguish us from the competition,” he said.
“We remain committed to our strategy of pursuing profitable volume and share in segments where the Goodyear brand is a differentiator,” Kramer said.
Shareholders re-elected 13 members of the company's board of directors to new one-year terms and ratified PricewaterhouseCoopers L.L.P. as the company's independent registered public accounting firm for 2016.
In addition to Kramer, a director since 2010, Goodyear's board consists of:
• William J. Conaty, president of Conaty Consulting L.L.C. and Advisory Partner of Clayton, Dubilier & Rice L.L.C.; a director since 2011.
• James A. Firestone, executive vice president and president, corporate strategy and Asia operations, Xerox Corp.; a director since 2007.
• Werner Geissler, formerly vice chairman, global operations of Procter & Gamble Co., and operating partner of Advent International; a director since 2011.
• Peter S. Hellman, formerly president and CFO and chief administrative officer of Nordson Corp.; a director since 2010.
• Laurette T. Koellner, formerly president of Boeing International and executive chairman of International Lease Finance Corp.; a director since 2015.
• W. Alan McCollough, formerly chairman and CEO of Circuit City Stores Inc.; a director since 2007.
• John E. McGlade, formerly chairman, president and CEO of Air Products & Chemicals Inc.; a director since 2012.
• Michael J. Morell, CEO and president, Morell Consulting; formerly deputy director of the Central Intelligence Agency; a director since 2014.
• Roderick A. Palmore, senior counsel at Dentons US L.L.P., formerly executive vice president, general counsel, chief compliance and risk management fficer and secretary of General Mills Inc.; a director since 2012.
• Stephanie A. Streeter, formerly CEO of Libbey Inc.; a director since 2008.
• Thomas H. Weidemeyer, formerly senior vice president and chief operating officer of United Parcel Service Inc.; a director since 2004.
• Michael R. Wessel, president of Wessel Group Inc.; a director since 2005.