AKRON, Ohio -- In his address at the Goodyear Tire & Rubber Co. 2010 Annual Shareholder Meeting yesterday, President and Chief Executive Officer Richard Kramer said he is confident in Goodyear's ability to grow as global economies recover.

Following his election by Goodyear's board of directors in February, Kramer took office as Goodyear's president and chief executive officer Tuesday, succeeding Robert Keegan, who remains executive chairman.

Kramer said his confidence is supported by the company's strong portfolio of brands, high-growth emerging markets, new product offerings, industry-leading retailer network and enhanced supply chain capabilities.

While the company's 2009 financial results reflected the impact of the global recession, Kramer noted the many major accomplishments achieved during the year, which he believes position Goodyear for future success. These include the introduction of new products; the completion of the tiremaker's the four-point cost savings plan with $2.5 billion in savings, including $730 million in 2009; improved liquidity due to actions taken to reduce working capital requirements and a successful $1 billion bond offering; and landmark labor agreements in the United States that improve North American Tire's competitiveness with savings of approximately $500 million over four years.

"It is very clear to me that we continue to be focused on the right drivers of our business, and those business drivers will continue to define and support our global growth plans with an emphasis on the emerging markets," Kramer said. "I am excited about the opportunity that growth will provide to Goodyear. As tire complexity increases at rates previously unheard of, Goodyear's global presence, broad technical capability and addiction to speed as a trademark of our pace of change all provide us with a clear competitive advantage during this period."

While excited and confident about the company's future, Kramer said he is also "very realistic about our challenges given what remains a somewhat uncertain global economy as well as an increasingly competitive tire industry.  

"I am committed to excellence in everything we do – from people development, to operating efficiency, to supply chain, to enhanced customer service. We will remain a customer-centric company. We will strive to earn our customers' business every day with the industry's best products packed with innovation," he said.

Also during the annual meeting the following board directors were re-elected:
 
• James Boland, former president, chief executive officer and vice chairman, Cavaliers Operating Co. LLC;
• James Firestone, executive vice president and president, corporate operations, Xerox Corp.;
• Robert Keegan, chairman, Goodyear;
• W. Alan McCollough, retired chairman and chief executive officer, Circuit City Stores Inc.;
• Denise Morrison, senior vice president and president, North America Soup, Sauces and Beverages, Campbell Soup Co.;
• Rodney O'Neal, chief executive officer and president, Delphi Automotive LLP;
• Shirley Peterson, retired partner, Steptoe & Johnson LLP;
• Stephanie Streeter, former chairman, president and chief executive officer, Banta Corp.;
• G. Craig Sullivan, retired chairman and chief executive officer, The Clorox Co.;
• Thomas Weidemeyer, retired senior vice president and chief operating officer, United Parcel Service Inc.; and
• Michael Wessel, president, The Wessel Group Inc.