Recent Updates — GT
The Goodyear Tire & Rubber Company announced that Jerome J. Rouquet will become Executive Vice President and Chief Financial Officer, effective December 1, 2026. He succeeds Scott M. Deakin, who will serve in an interim capacity through November 30, 2026. Rouquet joins from Visteon Corporation, where he served as Senior Vice President and CFO since February 2020. His compensation package includes a $900,000 annual base salary, a target annual incentive of $900,000, and a long-term incentive award valued at $3,200,000 comprising performance share units, executive performance units, and restricted stock units. He will also receive make-whole awards totaling approximately $5.8 million in cash and equity. The company manufactures tires and rubber products for the automotive industry.
The Goodyear Tire & Rubber Company appointed Stephen F. Shamrock as Vice President and Controller, effective October 16, 2026. The company approved an annual base salary of $375,000, a target annual incentive of $225,000 under the Executive Annual Incentive Plan, and a long-term incentive grant valued at $220,000 composed of restricted stock units, performance share units, and cash-settled performance units. Shamrock will also participate in executive severance, change-in-control, and defined contribution excess benefit plans. The Goodyear Tire & Rubber Company manufactures tires and rubber products for passenger vehicles, trucks, and aircraft.
On September 25, 2026, Margaret V. Snyder resigned as Vice President and Controller of The Goodyear Tire & Rubber Company, effective October 16, 2026, to pursue another opportunity. Her departure is unrelated to financial or operating results or disagreements regarding policies. Stephen F. Shamrock was appointed as the new Vice President and Controller and principal accounting officer, also effective October 16, 2026, in accordance with the company's succession plan. Mr. Shamrock previously served as Vice President and Assistant Controller since September 2025 and brings prior experience from Nordson Corporation, Wyandot Snacks, and Materion Corporation. The Goodyear Tire & Rubber Company manufactures and markets tires and rubber products for automotive and industrial applications.
On September 29, 2026, The Goodyear Tire & Rubber Company approved a plan to close its chemical manufacturing facilities in Niagara Falls, New York, and Bayport, Texas, resulting in approximately 85 job reductions. The company estimates total pre-tax charges of $55 million to $75 million, including roughly $30 million in cash costs for plant decommissioning and exit expenses, with the remainder being non-cash charges such as accelerated depreciation. Approximately $35 million is expected to be recorded in the third quarter of 2026 and another $15 million later that year. The rationalization aims to improve Americas segment operating income by $15 million to $20 million annually starting in 2027, with substantial completion targeted by the end of 2027. Goodyear manufactures tires and rubber products for automotive and industrial applications.
The Goodyear Tire & Rubber Company reported a net loss of $204 million, or $0.71 per diluted share, for the second quarter ended June 30, 2026, compared to a net income of $254 million in the prior year period. Net sales decreased 4.8% year-over-year to $4.3 billion, with organic sales down 1.4% due to lower tire unit volumes of 36.5 million. Segment operating income fell to $36 million from $159 million a year ago, impacted by higher tariffs, inflation, and volume declines in the Americas and EMEA, partially offset by growth in Asia Pacific. The company announced plans to close its Fayetteville, North Carolina facility, expecting approximately $270 million in annual savings by 2028 with total pre-tax charges between $535 million and $565 million. Goodyear operates as a global manufacturer of tires and rubber products.
The Goodyear Tire & Rubber Company reached an agreement with the United Steelworkers to permanently close its Fayetteville, North Carolina manufacturing facility. The plan involves approximately 1,750 job reductions and is expected to be completed by the end of 2027. Total pre-tax charges are estimated between $535 million and $565 million, with cash charges of $190 million to $210 million. The company expects to improve Americas segment operating income by approximately $90 million in 2027 and $270 million annually from 2028 onwards. Goodyear Tire & Rubber Company is a manufacturer of tires and rubber products.