Published on April 20th, 2016 | by Subhash Nair0
Goodyear has Momentum, Delivering on Strategy
The Goodyear Tire & Rubber Company achieved its third consecutive year of record segment operating income in 2015 and is well-positioned for future success.
“I am very pleased to report that our company delivered record levels of performance in 2015 and I believe we are well positioned to grow profitably in the future,” Chairman, Chief Executive Officer and President Richard J. Kramer said at the company’s annual shareholder meeting today. “I believe we’re clearly on the right path, and we expect our positive momentum to continue in 2016.”
“Not only have our results allowed us to continue to invest in our business for future growth, but they have allowed us to strengthen our balance sheet while at the same time returning capital to shareholders through dividends and share repurchases,” he said.
Kramer said this demonstrates the company’s focus on creating shareholder value over the long term. Evidence of Goodyear’s progress can be found in the company’s stock price performance as measured by Total Shareholder Return. Goodyear ranked 30th among all S&P 500 companies over the three-year period that ended on December 31, 2015.
“Our strategy is founded on the development of innovative products – from the market-back – that enhance the value of the Goodyear brand and distinguish us from the competition,” he said.
“We are confident in our 2016 plan, and remain committed to our strategy of pursuing profitable volume and share in segments where the Goodyear brand is a differentiator. We believe that the best years are still ahead of us,” Kramer said.During the annual meeting, shareholders re-elected 13 members of the company’s Board of Directors to new one-year terms and voted to ratify the appointment of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2016. A shareholder proposal regarding proxy access was approved. In an advisory vote, shareholders approved the compensation of the company’s named executive officers.
Goodyear is one of the world’s largest tire companies. It employs about 66,000 people and manufactures its products in 49 facilities in 22 countries around the world. Its two Innovation Centers in Akron, Ohio and Colmar-Berg, Luxembourg strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate.