Goodyear burning rubber and cash as turnaround plan continues
Goodyear CEO Mark Stewart is implementing the 'Goodyear Forward' turnaround plan to modernize the company's retail experience and improve financial performance. Despite these efforts, the company continues to struggle with high debt levels and falling short of its operating margin goals.
Why it matters
As a major industrial player, Goodyear's financial health and strategic pivot provide insight into the challenges legacy manufacturing companies face in a shifting economic landscape.
DETROIT — Goodyear Tire & Rubber CEO Mark Stewart sits in the vehicle bay of a tire shop where the company is launching a new retail experience for customers.
There's a freshly painted black facade on the revamped Detroit store, with the words "Motor City" added in white flanking Goodyear's winged foot logo. It's dressed up for a private event tied to a nearby annual car festival called the Woodward Dream Cruise.
But despite the stylish touches, it's still a tire shop. The smell of rubber and oil remains in the air, and the sound of workers changing tires combines with music from a DJ inside the shop's waiting room.
The scene symbolizes Stewart's ongoing "Goodyear Forward" turnaround plan . He's trying to make tires — a historically dirty business — more attractive to investors and friendlier for consumers.
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