Damon to replace Ferrari as Bridgestone West CEO

TOKYO—Bridgestone Corp. has shaken up its global management team, promoting Scott Damon to vice president, senior officer and Bridgestone West CEO, succeeding Paolo Ferrari, executive officer and Bridgestone West CEO since 2022.

The moves, Bridgestone said, are part of the tire maker's new Global Executive Management Structure, which becomes effective Jan. 1. The initiative focuses on value creation through a Genbutsu-Genba (respect for being on-site) approach while improving "the quality of management, working and business in line with the mid-term business plan," the company said in March.

Damon's appointments are effective Nov. 1. Ferrari, who joined Bridgestone in 2016 after serving as CEO of Pirelli Tyre S.p.A.'s Latin American business, is stepping down Oct. 31.

Ferrari was named president and CEO of its Europe, Middle East and Africa (EMEA) business unit when he joined Bridgestone after four years with Pirelli. He then succeeded Franco Annunziato, who previously held the position of CEO of Bridgestone EMEA.

On Jan. 1, Damon will be promoted to executive vice president, executive officer of Bridgestone West CEO and global chief digital transformation officer.

Damon, who's been with Bridgestone since 1994, is among a group of Bridgestone global executives who will focus efforts on driving forward the company's Corporate Transformation (CX) strategy that was disclosed in 2020. That plan, known as Third Foundation/Bridgestone 3.0, is designed to help Bridgestone enhance its sustainability while pursuing more solutions-oriented business endeavors.

The shakeup eliminates the position of joint global chief operating officer and instead creates several new positions, including Damon's. They include:

• Shuichi Ishibashi, global CEO and representative executive officer;
• Nobuyuki Tamura, executive vice president and representative executive officer, Bridgestone East;
• Yasuhiro Morita, executive vice president and representative executive officer global chief administrative officer;
• Masato Banno, executive vice president and executive officer global chief technology officer;
• Emilio Tiberio, senior vice president and executive officer Bridgestone West, chief technology officer; and
• Tomohiro Kusano, senior vice president and executive officer global chief innovation officer.

All four executive vice presidents will report directly to Ishibashi.

According to Bridgestone's organizational chart, Damon and Tamura have profit and loss responsibility, while Morita and Banno have cross-functional and global optimization responsibility.

Bridgestone said the executives are tasked with prioritizing "further ther improvements in the quality of management, working and business, thoroughly strengthening Dan-Totsu products and focusing on premium."

The company said it was aiming to reduce costs by $450 million this year through various cost-saving measures across its global operations, the company disclosed in its half-year financial results. In the first half of the year, Bridgestone made moves to realize $235 million in savings.

In addition, Bridgestone said it will enhance global business cost-reduction activities and restructure businesses and accelerate "the establishment of strong business quality and enhancing its earning power."

Bridgestone, ranked No. 2 in global tire sales in 2023, with estimated sales of $25.5 billion, said the structure reinforces its global executive management approach, "evolving into a new and true global management structure integrated" into the mid-term business plan.

"By ensuring that each executive fulfills its roles and responsibilities on an equal positioning, we promote a management approach committed to 'execution and delivering results,'" Bridgestone said. "Under this structure, we will strive to maximize the effectiveness and efficiency of the aforementioned 2025 activities, while also strengthening management and governance. This will further enhance the quality of management, working and business globally."

Last October, Bridgestone reorganized its global management structure along an East-West configuration, with Ferrari taking over responsibility for Europe as part of becoming CEO of Bridgestone West.

Under the revamped global structure, the global management setup is divided into two entities: Bridgestone West, comprising the Americas and Europe, the Middle East and Africa; and Bridgestone East, covering the firm's Japan tire business' diversified and exploratory business; global mining, industrial, construction and aviation tire solutions; and Asia-Pacific, including China and India.

At that time, Damon, then COO of Bridgestone Americas, was named group vice president and president of Bridgestone West mobility solutions.