The Goodyear Tire & Rubber Company GT has decided to combine its North America and Latin America businesses into one Americas business unit. The change will be implemented from Jan 1, 2016.
Stephen R. McClellan, the president of Goodyear's North America business, will lead the Americas business unit. Marcelo Toscani, the vice president of global manufacturing, will report to McClellan in his new role as president of the Latin America operations.
Goodyear expects the new organizational structure to boost earnings and growth over the long term, driven by improved simplicity, speed, and a focus on customers and markets. The company will integrate processes like product development, market projection and product supply for the Americas segment, thus enhancing efficiency. The manufacturing plants in the combined region will also supply products to all customers in Mexico, Latin America and North America.
Goodyear also announced that Jean-Claude Kihn, the president of the Latin America business, will become the president of its Europe, Middle East and Africa business from Jan 1, 2016. Kihn will replace Darren R. Wells, who plans to leave the company in early 2016.
Goodyear is one of the largest tire manufacturing companies in the world. The company currently carries a Zacks Rank #3 (Hold). Better-ranked automobile stocks include General Motors Co. GM, O'Reilly Automotive Inc. ORLY and Fox Factory Holding Corp FOXF, all carrying a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment