Kramer Takes Wheel as Goodyear's President & CEO

- 19th person to lead Goodyear as president or CEO

- Keegan remains with Goodyear as executive chairman

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Apr 13, 2010, 09:40 ET

AKRON, Ohio, April 13 /PRNewswire-FirstCall/ -- Richard J. Kramer took the wheel of North America's leading tire maker today as he became president and chief executive officer of The Goodyear Tire & Rubber Company (NYSE: GT). Robert J. Keegan, Kramer's predecessor, remains with the company as executive chairman.

(Photo: http://www.newscom.com/cgi-bin/prnh/20100413/CL85412)

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Kramer becomes the 19th person to lead Goodyear as president or CEO since its founding in 1898.

Speaking at Goodyear's 2010 Annual Shareholder Meeting today, Kramer expressed his excitement "not only for the opportunity to lead this great company," but also to participate in the tire industry, which he described as one of very few industries that has been and remains a growth industry after more than 100 years.

"I am privileged to lead a team whose dedication to Goodyear and commitment to success is second to none," he said.

Kramer thanked Keegan and the Board of Directors for their confidence in electing him to lead the company.

"I am proud to assume the role of CEO as Bob Keegan's successor. With that pride, and appreciation to Bob and the Board for their confidence in me as your new president and CEO, I now look forward with enthusiasm and optimism to the future prospects of Goodyear, building from the foundation established by my predecessor," he said.

"When I think about the true measure of Bob's leadership and the resulting success since he became CEO, I ask myself two questions: Is Goodyear in better shape today as a company? And, is Goodyear better positioned for the future? The answer to both of those questions is an unequivocal yes."

Kramer described Keegan as "a passionate competitor whose contributions as CEO have helped reshape an entire industry."

Kramer, 46, previously served Goodyear as its chief operating officer since June 2009 and spent three years successfully leading the company's North American Tire business with a focus on customers and new product and process innovation. Prior to that, he spent three years as executive vice president and chief financial officer. Kramer joined Goodyear as vice president of corporate finance in 2000. He was named senior vice president of strategy in 2003 where he began developing Goodyear's strategy with Keegan. Prior to joining Goodyear, Kramer spent 13 years with PricewaterhouseCoopers LLP where he served in a variety of roles in the United States and Europe, ultimately as partner. A Cleveland native, Kramer has a Bachelor of Science degree in business administration from John Carroll University.

Keegan, 62, joined Goodyear in 2000 as chief operating officer. He became president and chief executive officer in January 2003 and chairman of the board in July of that same year. Prior to Goodyear, Keegan was an executive vice president of the Eastman Kodak Company. Aside from a two-year stint as an executive vice president for the Avery Dennison Corporation, Keegan spent the bulk of his career from 1972 to 2000 serving in various financial, marketing and operating positions at Eastman Kodak.

Goodyear's past presidents and CEOs:

David E. Hill, president 1898-1899;
Raymond C. Penfield, president 1899-1903;
Lucius C. Miles, president 1903-1906;
Frank A. Seiberling, president 1906-1921;
Edward G. Wilmer, president 1921-1923;
George M. Stadelman, president 1923-1926;
Paul W. Litchfield, president 1926-1940, CEO 1930-1956;
Edwin J. Thomas, president 1940-1958, CEO 1956-1964;
Russell DeYoung, president 1958-1964, CEO 1964-1974;
Victor Holt Jr., president 1964-1972;
Charles J. Pilliod, president 1972-1974, CEO 1974-1983;
John H. Gerstenmaier, president 1974-1978;
Robert E. Mercer, president 1978-1983, CEO 1983-1989;
Tom. H. Barrett, president 1983-1991, CEO 1989-1991;
Hoyt M. Wells, president 1991-1995;
Stanley C. Gault, CEO 1991-1995;
Samir G. Gibara, president 1995-2003, CEO 1996-2003; and
Robert J. Keegan, president and CEO 2003-2010.

Goodyear is one of the world's largest tire companies. It employs approximately 69,000 people and manufactures its products in 57 facilities in 23 countries around the world. Its two Innovation Centers in Akron, Ohio and Colmar-Berg, Luxembourg strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear, go to www.goodyear.com/corporate.

Certain information contained in this press release may constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, that affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: our ability to realize anticipated savings and operational benefits from our cost reduction initiatives or to implement successfully other strategic initiatives; increases in the prices paid for raw materials and energy; actions and initiatives taken by both current and potential competitors; deteriorating economic conditions or an inability to access capital markets; pension plan funding obligations; work stoppages, financial difficulties or supply disruptions at our suppliers or customers; a labor strike, work stoppage or other similar event; our failure to comply with a material covenant in our debt obligations; the adequacy of our capital expenditures; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

SOURCE The Goodyear Tire & Rubber Company