Kramer presents Goodyear 'Roadmap' to shareholders

Goodyear's 2012 annual shareholder meeting was held on 17 April at the company’s headquarters in Akron, and chairman and CEO Rich Kramer told those in attendance that he was “pleased” with the tyre-maker’s 2011 performance, outlining the company’s “strategy roadmap”, Tire Review reports. Pointing to record sales of $22.8 billion and record segment operating income, Kramer said, “What is most gratifying is that our record results across all global businesses were achieved in the midst of continued economic uncertainty around the world through successful execution of our strategy. Our ‘strategy roadmap’ is the foundation for decisions on every aspect of the business, from marketing and product development to investment and team building.”

Kramer said the company has three key strategies: “returning North American Tire to sustained profitability,” “winning in China,” and “continuing its traditional success in Europe, Middle East/Africa and Latin America.”

Kramer explained that the path to delivering on these key strategies is formed by five key areas of execution: market-back innovation excellence, targeting profitable market segments, operational excellence, enabling investments, and top talents and teams.

“As we execute in these five areas, we are confident that we will create a stronger company, both competitively and financially in both the near term and over the long term,” he said.

Acknowledging there remain challenges to be faced, Kramer said, “We have positive momentum and more confidence than ever that we will successfully execute our strategy, reach our destination and create sustainable economic value. We will be profitable through all economic cycles, generate positive cash flow and return to investment grade. That is our destination.”

Also at the meeting, company shareholders re-elected 10 members of the company’s board of directors. Re-elected were: William Conaty, president, Conaty Consulting LLC and advisory partner, Clayton, Dubilier & Rice, LLC; James Firestone, executive vice president and president, corporate operations, Xerox Corp.;
Werner Geissler, vice chairman of global operations, Procter & Gamble Co.;
Peter Hellman, retired president and chief financial and administrative officer, Nordson Corp.; Rich Kramer, chairman, president and CEO, Goodyear; W. Alan McCollough, retired chairman and CEO, Circuit City Stores Inc.; Shirley Peterson, retired partner, Steptoe & Johnson LLP;
Stephanie Streeter, CEO, Libbey Inc.;
Thomas Weidemeyer, retired senior vice president and chief operating officer, United Parcel Service Inc.; and
Michael R. Wessel, president, Wessel Group Inc.

James Boland, former president, CEO and vice chairman, Cavaliers Operating Co. LLC (nine years of service); and G. Craig Sullivan, retired chairman and CEO, Clorox Co. (six years of service), did not stand for re-election and have retired from the board. Rodney O’Neal did not stand for re-election to the board due to his responsibilities as CEO and president of Delphi Automotive PLC (eight years of service).

The appointment of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2012 also was ratified by shareholders.