Darren Wells Named Goodyear CFO

On October 17 Goodyear announced that W. Mark Schmitz, executive vice president and chief financial officer, has elected to leave the company to ‘pursue other interests’. Replacing him as CFO, effective immediately, is Darren R. Wells, previously senior vice president of finance and strategy. This announcement was made by Goodyear chairman and chief executive officer Robert J. Keegan.

Schmitz, 57, held the position of CFO for 14 months. Wells, 42, is considered by Goodyear to be of the key leaders and architects of the company’s financial restructuring since joining the company from Visteon Corp. six years ago as Goodyear’s vice president and treasurer. Wells was promoted to senior vice president business development and treasurer in May 2005, and to his most recent position in March 2007.

“The innovative plans to restructure our balance sheet executed under Darren’s leadership served as the foundation of the company’s rebirth as a stronger, more respected competitor in the tyre industry,” Keegan said. “As chief financial officer, Darren will use his outstanding business and financial skills and strong leadership capabilities to generate shareholder value.”

Wells holds a Bachelor of Arts degree from DePauw University in Greencastle, Indiana, and an MBA in finance from Indiana University. He held positions of increasing importance in 10 years at Ford Motor Company, including assignments in Australia for Ford Credit and Ford Investment Enterprises. He returned to the US in 2000 as assistant treasurer of Visteon. Schmitz was previously with Tyco International’s Fire and Security segment as vice president and chief financial officer for four years prior to joining Goodyear.

“We appreciate Mark’s contributions during a challenging period in our industry and in the global economy, and wish him well in the next phase of his career,” Keegan added.