Goodyear Tire & Rubber has abruptly replaced its chief executive, marking a significant leadership shakeup as the American tire manufacturer struggles to restore profitability and strengthen its business. Mark Stewart’s departure, announced November 9, 2026, comes less than three years after he took control of the company. Board member Roger Wood has stepped in as interim CEO, bringing decades of automotive industry experience and a compensation arrangement worth US$1.31 million per month in salary and stock grants.
The leadership change arrives just days after Goodyear reported another quarterly loss and acknowledged that its financial performance remained below expectations. With a strategic review already underway, the decision raises important questions about executive compensation, the company’s financial direction, and what its next permanent leader will inherit.
Goodyear Makes an Immediate Leadership Change
Goodyear confirmed on November 9 that Mark Stewart was leaving his positions as chief executive officer, president, and member of the board of directors. The leadership transition officially took effect on November 8, with Roger Wood appointed interim CEO and president. The company also announced that its board would work with an executive search firm to identify a permanent replacement. Rather than leaving the top position vacant during a potentially lengthy search, directors selected someone already familiar with Goodyear’s operations and strategic challenges.
Stewart’s departure ends a relatively short period of leadership that began on January 29, 2024, when he succeeded longtime CEO Richard Kramer. Stewart arrived with extensive automotive manufacturing experience, having previously served as chief operating officer for Stellantis North America. His appointment was initially positioned as an opportunity to strengthen Goodyear’s operational performance and accelerate its transformation. The November announcement, however, offered no detailed explanation of the board’s decision to change leadership. Instead, directors emphasized the need to move faster on efficiency improvements and opportunities to strengthen the business.
The Interim CEO’s US$1.31-Million Monthly Compensation Explained
The compensation arrangement disclosed in Goodyear’s November 9 regulatory filing is one of the most striking details surrounding the leadership transition. According to the document submitted to the U.S. Securities and Exchange Commission, Roger Wood will receive a monthly salary of US$310,000. In addition, the company will award him restricted stock units with a grant-date value of US$1 million each month, subject to a specific time limit. Combining those two components produces a headline compensation figure of US$1.31 million per month, although the distinction between salary and stock awards is important.
The salary represents direct cash compensation, while restricted stock units are equity-based awards whose eventual value depends on the applicable award conditions and Goodyear’s share price. Consequently, the full US$1.31 million should not be interpreted as money deposited into Wood’s bank account every month. For perspective, Goodyear’s 2026 proxy statement listed Stewart’s 2025 annual base salary at US$1.4 million. Wood’s temporary monthly cash salary would equal US$3.72 million if annualized, although such a calculation does not mean he has been hired for a full year or will receive that amount.
The Stock Award Has a Five-Month Limit, but Additional Benefits Are Included
Wood’s stock compensation contains an important restriction that prevents the arrangement from automatically extending throughout his entire interim appointment. Goodyear’s filing specifies that the US$1-million monthly restricted stock unit grants will continue for whichever period is shorter: five months or the time until the company hires a permanent CEO. If Wood remains eligible for the full five months, the combined grant-date value of those stock awards would reach US$5 million. His cash salary over the same five-month period would total US$1.55 million, bringing the combined figure to US$6.55 million before additional benefits.
However, that amount is a calculation based on five full months of compensation, not a guaranteed payout or a disclosed maximum for his entire tenure. The five-month restriction specifically applies to the monthly stock grants, and Goodyear has not announced a definite end date for Wood’s interim service. The filing also provides for temporary housing, vehicle and travel allowances, reimbursement of certain legal expenses, and participation in other company benefit programs. Their individual costs were not disclosed, meaning the total expense associated with the appointment could exceed the salary-and-stock figures.
Roger Wood Brings Decades of Automotive Leadership Experience
Roger Wood is hardly an unfamiliar face in the automotive industry. The 64-year-old executive joined Goodyear’s board on July 25, 2023, giving him more than three years of involvement with the tire manufacturer before taking its top executive position. Earlier in his career, Wood spent 26 years at BorgWarner, eventually becoming executive vice president and group president of its Engine business. He subsequently served as president and CEO of Dana Holding Corporation from 2011 to 2015 and as co-chief executive officer of Tenneco between 2018 and 2020. Those positions provided experience spanning automotive components, manufacturing operations, and relationships with vehicle manufacturers.
Wood’s background could prove particularly valuable because Goodyear’s difficulties extend beyond simply selling more tires. The company must balance manufacturing efficiency, product pricing, customer demand, and investment requirements across several international markets. His experience with automotive suppliers offers familiarity with many of those competing pressures. Wood also serves on the boards of PHINIA and Brunswick Corporation, adding to his broader corporate governance experience. Goodyear’s directors have emphasized his operational knowledge and existing relationships with original-equipment manufacturers and aftermarket customers as reasons for selecting him to oversee the business during the transition.
Mark Stewart’s Departure Could Trigger Significant Severance Benefits
Although Goodyear has not disclosed a final severance payment for Mark Stewart, its regulatory filing provides an important indication of how his departure will be treated. The company classified his separation as a termination “other than for Cause” under its Executive Severance and Change in Control Plan. This is a formal compensation-plan designation rather than a detailed explanation of why the board decided to replace him. It should not be confused with a finding of misconduct or an indication that Stewart violated company policies. The distinction matters because it determines which contractual severance provisions may apply.
Goodyear’s 2026 proxy statement explains that qualifying executives terminated without cause can generally receive cash severance based on their annual base salary, target annual incentive, and an assigned severance multiple. Stewart’s disclosed multiple was 2.0, meaning the standard formula would generally provide twice the combined salary-and-target-bonus amount, subject to applicable conditions. Other potential benefits include a prorated annual incentive, continued healthcare coverage, and outplacement assistance. Eligibility also requires an executive to sign a release and agree to certain restrictions. The actual amount Stewart will receive, including the treatment of outstanding equity awards, cannot be established from the November 9 announcement alone.
Goodyear’s Strategic Review Adds Urgency to the CEO Transition
Goodyear’s leadership change is occurring alongside a broader examination of its corporate structure and operating performance. According to the company’s November 9 announcement, a special committee established earlier in 2026 has been reviewing its businesses and operations to identify ways of improving results and delivering greater shareholder value. The assessment includes potential changes to the company’s business mix, manufacturing footprint, operational efficiency, and investments in future products. No final restructuring decisions were announced alongside Wood’s appointment, making it important to distinguish initiatives under consideration from actions the company has formally approved.
Board Chair Joe Hinrichs framed the CEO transition as an opportunity to accelerate progress already made toward becoming a more efficient and focused company. Wood has identified supporting employees and customers, improving execution, and advancing the transformation as his immediate priorities. The appointment also changes the board’s committee arrangements: Wood will remain a director but will not serve on the Human Capital and Compensation Committee or Governance Committee while acting as interim CEO. He is also stepping down as chair of the compensation committee. These adjustments separate his temporary management responsibilities from important board oversight functions during a sensitive transition.
Goodyear’s Latest Financial Results Reveal Why Change Was Needed
The leadership shakeup comes against a challenging financial backdrop. On November 4, 2026, just five days before announcing Stewart’s departure, Goodyear reported third-quarter net sales of US$4.54 billion, representing a 2.3% decline compared with the same period in 2025. Tire shipments fell 3.3% to 38.6 million units as weakness in the replacement tire market weighed on demand. The company recorded a net loss attributable to Goodyear of US$238 million, equivalent to 82 cents per share. Even after excluding certain significant items, it reported an adjusted net loss of US$31 million, compared with adjusted net income of US$82 million a year earlier.
Profitability challenges were also visible in the company’s operating results. Total segment operating income declined to US$174 million from US$287 million in the previous year’s third quarter. Goodyear identified several pressures, including reduced sales volumes, inflation, higher tariffs, and other operating expenses. Although management reported sequential earnings improvement from the second quarter, the results showed that the broader turnaround had not yet produced consistently stronger financial performance. These difficulties help explain the board’s emphasis on faster execution, although the company has not explicitly attributed Stewart’s removal to any particular earnings result.
Goodyear Has Already Sold Major Businesses to Improve Its Finances
Goodyear’s financial difficulties have persisted despite substantial restructuring under its Goodyear Forward transformation program. Launched before Stewart became CEO, the initiative focused on improving profitability, reducing debt, and concentrating resources on more competitive operations. By the end of 2025, Goodyear reported that the program had generated US$1.25 billion in cumulative segment operating income benefits and achieved an annualized run-rate benefit of approximately US$1.5 billion. The company also raised roughly US$2.3 billion through divestitures and other asset sales during 2025, including the sale of its off-the-road tire business, chemical operations, and the Dunlop brand. Much of that money was directed toward debt reduction.
Nevertheless, restructuring gains have not eliminated pressure on the company’s remaining operations. Goodyear continues to face weaker replacement tire demand in several markets, manufacturing cost challenges, and changing product requirements. One encouraging development has been its shift toward higher-value consumer tires, with products measuring 18 inches and larger accounting for 44% of third-quarter 2026 sales volume, compared with 39% a year earlier. This suggests progress in improving the product mix, even as overall financial results remain disappointing. The new strategic review will need to determine whether existing initiatives are sufficient or whether more substantial changes are necessary.
Another Executive Transition Is Already Scheduled for December
The change at the top of Goodyear is not happening in isolation. On October 27, 2026, the company announced that Jerome Rouquet would become executive vice president and chief financial officer, effective December 1. Rouquet is joining from automotive technology supplier Visteon, where he has served as CFO since February 2020. He will replace Scott Deakin, who is serving as interim chief financial officer through November 30. The timing means Goodyear will soon have both a newly appointed interim chief executive and a new permanent financial chief overseeing the next phase of its restructuring.
Another important appointment took effect on November 1, when David Phillips became executive vice president, chief legal officer, and head of Enterprise Transformation. Together, these changes place considerable responsibility on a leadership team working to improve performance across a company employing approximately 60,000 people and operating 46 manufacturing facilities in 19 countries. For those employees, dealers, automotive customers, and shareholders, the consequences of the strategic review could extend well beyond executive compensation. The most important question now is whether Wood and the incoming leadership team can translate operational changes into sustainable profitability while the board searches for a permanent CEO.
What Goodyear Must Prove Before Its Next CEO Takes Over
The immediate challenge for Roger Wood will be demonstrating that Goodyear can make measurable progress while operating under temporary leadership. His appointment provides experienced management during a period of uncertainty, but the board has not announced how long the permanent CEO search will take. Meanwhile, the strategic committee’s work remains unfinished, and directors have indicated that additional information will be released when they consider disclosure appropriate or necessary. Investors will therefore be looking for concrete evidence of improvements in operating margins, manufacturing efficiency, cash generation, and demand for the company’s higher-value tire products.
The compensation arrangement adds another layer of scrutiny to that process. A package combining US$310,000 in monthly salary with US$1 million in monthly stock grants represents a substantial commitment to an interim executive, particularly at a company reporting financial losses. Goodyear’s board is effectively placing significant value on experienced leadership during a critical period. Whether that investment is ultimately justified will depend less on the size of the compensation package than on the results achieved during Wood’s tenure. For Goodyear, replacing the CEO is only the beginning. Restoring financial confidence and establishing a sustainable path forward will be the more consequential test.
