Goodyear Tire & Rubber Co. announced Monday that CEO Mark Stewart would be stepping down from his role effective immediately.
Board member Roger Wood is taking over as interim CEO and president, Goodyear said.
The leadership change comes as the tire company is in the midst of a multiyear transformation plan .
Stewart was hired in January 2024 to lead the company, with the goal of revitalizing the legacy American business to make it more efficient and profitable.
The company has faced disappointing results thus far, reporting last week third-quarter results that saw net sales down 2.3% year over year and an adjusted net loss of $31 million. Goodyear failed to reach a 10% operating margin by the end of last year, which was a major goal of the turnaround plan.
Goodyear said it formed a special committee of the board earlier this year to conduct a "strategic review of the company's businesses and operations focused on identifying opportunities to strengthen performance and drive shareholder value."
It said Monday it will continue that work by evaluating strategic and operational initiatives that include further optimizing the company's business mix and footprint, improving efficiency and investing in new products and capabilities that support long-term growth.
"Goodyear has made meaningful progress in becoming a more efficient and focused company, and the board believes this is the right moment to transition leadership to accelerate that progress and capture additional opportunity," Goodyear Chair Joe Hinrichs said in a press release .
The company has faced headwinds from tariffs, higher raw material costs and increased competition from China .
Wood has been a member of the company's board of directors since July 2023 and was previously the co-CEO of Tenneco as well as CEO of Dana Holding Corporation.
The company will start a search for a permanent replacement as part of its strategic review.
Shares of Goodyear were down roughly 4% in early trading Monday.
