Tom Dattilo Leaves Cooper

Cooper Tire & Rubber Company chairman, president and CEO, Tom Dattilo has resigned to pursue another position elsewhere. The board of directors has announced that Byron O. Pond is to serve as interim CEO while the company searches for a replacement. In the last year Cooper’s share price has fallen around $11 and the company has reported a string of unimpressive quarterly reports. First half 2006 results showing a 19 per cent sales increase and $26 million of losses were published in parallel with the news of Dattilo’s resignation.

Byron O Pond, a member of Cooper’s board of directors since 1998, has been elected interim chief executive officer and will serve in that capacity while a permanent successor is chosen. Pond will join two other directors, Arthur Aronson and John Shuey, in an office of the chairman, which will oversee governance of the company during the search process.

“We appreciate Thomas Dattilo’s service to the company. Under Mr Dattilo’s stewardship, the company experienced revenue growth worldwide and expanded aggressively into China through the acquisition of Chengshang Tire Company, Ltd. and a greenfield joint venture with Kenda Rubber Industrial Co., Ltd. We wish him only the best.”

Referring to Pond’s appointment, the board noted: “We are fortunate to have secured Byron Pond’s agreement to serve in the role of interim CEO. He is a proven senior manager who has extensive experience in automotive replacement and OEM markets. We are confident that Mr. Pond has an excellent understanding of what has to be accomplished during this interim period, and he will have the support of a strong management team.”