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AKRON, Ohio -- The Goodyear Tire & Rubber Company has announced that Richard J. Kramer plans to retire as chairman, CEO and president of the company

Goodyear Rubber Company: In connection with Kramer’s planned retirement previously discussed with the Board as part of the Company’s ongoing and active succession planning process, the Goodyear Board retained a leading executive search firm to execute a search considering both internal and external candidates.

Following the publication of the company’s Goodyear Forward global cost reduction and business transformation strategy, Goodyear EMEA is proposing the closure of its Fulda and Fürstenwalde car tyre factories in Germany. The plans specifically involve the closure of the Fulda plant by the end of the third quarter of 2025 and “a gradual phase-out of all tyre manufacturing activities in Fürstenwalde by the end of 2027”. However, the mixing department in Fürstenwalde will continue its operations, “supplying compounds to tyre plants across Europe”.

Goodyear makes OTR tires in two plants in Japan and the United States.

Following the news that Goodyear is planning to raise around $2 billion from the sale of Dunlop as well as its OTR tyre and chemicals businesses, the company revealed further details during a follow-up conference call.  The financially biggest part of the recently-unveiled Goodyear Forward business transformation plan is the proposed sale of Dunlop, OTR tyre and chemicals business. Goodyear estimates that these areas are worth around $0.7 billion, $0.7 billion and $1 billion respectively.