Goodyear board chairman to retire in October, new CEO elected as chairman of board

Goodyear board chairman to retire

AKRON, Ohio — Goodyear Tire & Rubber Co. says chairman of the board and former chief executive Robert Keegan is retiring from the company.

Keegan was succeeded in April by current president and CEO Richard Kramer, who will now replace him as chairman of the board effective Oct. 1.

Goodyear’s lead director, James Boland, said Tuesday this is the next step in the tire company’s succession plan. Keegan joined Goodyear in 2000 as chief operating officer and became president and chief executive officer in January 2003. He became chairman of the board in July 2003.

Last week, Goodyear reported a $28 million second-quarter profit as demand for its tires increased worldwide, especially in the key U.S. market. The tire maker has nearly 70,000 employees and has production facilities in 24 countries.