When will Goodyear name CEO Rich Kramer's successor?

AKRON—Goodyear’s vision is clear, and its aims precise.

What is unclear, though is who exactly will be leading the world’s third-largest tire maker toward those stated goals.

But the company—and industry—will have that answer soon. Like, within just a few months. 

Richard Kramer is set to retire in 2024, closing out a 24-year career that includes 14 years as chairman, CEO and president. And Goodyear’s board of directors already is searching for a successor, retaining a “leading executive search firm” to conduct a search of candidates, both internal and external. 

Kramer and the board have spoken numerous times with a search firm prior to announcing the impending vacancy publicly.

"So that process is moving forward," Kramer said during a conference call with analysts, while detailing the company's "Goodyear Forward" reorganization plan. "The board and myself, we're all committed to identifying the right successor for this role. And I will tell you, it's a thoughtful, comprehensive and timely process."

Kramer, who turned 60 on Oct. 30, two months after Goodyear celebrated its 125th anniversary, said all parties are focused on getting a new CEO in place in a timely fashion.

And he will remain at the helm until a successor is found.

“I am fully engaged in driving the successful execution of the plan and, with the support and involvement of the board, will assist with the transition when my successor is identified.”

Laurette Koellner, independent lead director of Goodyear's board, said the group "is committed to a thorough, comprehensive and timely search to identify a proven leader with the skills and expertise to further advance the Goodyear Forward plan."

If history repeats itself, the new leader of Goodyear will come from within.

Kramer had been with Goodyear for a decade and was chief operating officer before his promotion.

He had spent the previous three years as head of the company's North American tire business unit, focusing on customers, new product and process innovation.

Prior to that, he spent three years as executive vice president and chief financial officer.

Before coming to Goodyear in 2000 and stepping into the role of vice president of corporate finance, he spent 13 years with PricewaterhouseCoopers International Ltd., where he served in a variety of roles in the U.S. and Europe, ultimately as partner.

Kramer succeeded Robert Keegan, who was named Goodyear chairman, CEO and president in 2003. Keegan had joined Goodyear in 2000 after serving as an executive vice president at Eastman Kodak Co.

"Mentoring and working side-by-side with Rich for more than nine years, I've witnessed his strong professional growth whether it be his critical role in creating our strategy, his creation of a world class financial team as CFO, or his team building, leadership and motivational abilities in leading North American Tire through one of the most difficult periods in history," Keegan said at the time.

"Rich brings to the table a deep knowledge of Goodyear, our global markets, manufacturing, finance and technology, which will lead Goodyear to the next level. Our company will be in good hands," Keegan said then.

According to Goodyear, the company registered its five highest years of annual segment operating income in company history during Kramer's tenure.

The company credits him for transforming the business to fully fund and de-risk its pension plans, reduce costs, streamline manufacturing and invest for growth.

In the end, though, Kramer, is likely to be most remembered for Goodyear’s 2021 acquisition of Cooper Tire & Rubber Co., a $2.5 billion cash-and-stock purchase that combined the world’s No. 3 and No. 13 tire makers.

Earlier this year, Kramer said Goodyear was reaping the benefits of that combination, especially as it worked to ensure the successful cross promotion and sales of the combined product portfolio.

"We continue to expect synergies to reach an annual run rate of $250 million by mid-2023," Kramer said in February.

Those synergies and his strong leadership lay a foundation that will give Kramer’s successor leverage as they implement Goodyear Forward, Koellner said.

"(Kramer) successfully navigated Goodyear through a number of challenging cycles, including the aftermath of the financial crisis and the global pandemic," Koellner said in a statement.

"Throughout his tenure, Rich has led the company with a clear long-term vision that positioned Goodyear as a leader at the forefront of the industry, with unmatched competitive advantages."