Goodyear Tire & Rubber Co. is undergoing a significant transformation with its “Goodyear Forward” plan, aiming to double its operating income margin to 10% and reduce costs by $1.5 billion. The plan, which includes asset sales to generate $2 billion and debt reduction by $1.5 billion, is ahead of schedule, with cost cuts already exceeding targets by $200 million. Despite these efforts, Goodyear’s stock has fallen 30.3% since the plan’s announcement and 33.4% since CEO Mark Stewart took over in January 2024. The company has reported five consecutive quarters of margin growth and its best retail performance in over 20 years. However, investors remain skeptical about the longevity of these changes amidst geopolitical uncertainties like tariffs. Goodyear employs about 68,000 people and operates in 53 facilities across 20 countries, with half of its tire sales in the Americas. The company is also investing in AI and 3D-printing technologies to enhance efficiency and product development.
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