From Tire Review Staff Reports
AKRON, OHIO — At Goodyear Tire & Rubber Co.’s annual shareholder meeting on April 26, new members of the board of directors were elected and several proposals were closed.
Gary Forsee, Denise Morrison, Thomas Weidemeyer, John Breen and William Hudson Jr., were elected to the board of directors. Foresee, Morrison and Weidemeyer will serve until 2008, and Breen and Hudson will serve until 2006.
Forsee is chairman and CEO of Sprint Corp; Morrison is president, global sales and chief customer officer of the Campbell Soup Co.; Weidemeyer is a retired senior vice president and COO of United Parcel Service Inc.; Breen is a retired chairman of The Sherwin-Williams Co.; and Hudson is a retired president, CEO and director of AMP Inc.
The meeting also concluded several shareholder proposals, including one that would allow Goodyear to provide notification of shareholder meetings using electronic and other means. That proposal was adopted. Likewise, two proposals — for the company’s 2005 Performance Plan and the appointment of PricewaterhouseCoopers as the company’s public accounting firm — were also approved.
However, shareholders rejected a proposed amendment to Goodyear’s code of regulations that would require the annual election of directors. They also failed to approve of a proposal concerning executive compensation.
Robert Keegan, chairman and CEO, told shareholders that Goodyear was progressing in its turnaround plan that began approximately two years ago.
Keegan reiterated his “Seven Reasons to Believe” that he originally outlined at the company’s 2004 dealer meeting in Orlando, Fla. The seven reasons — leadership, brand building, supply chain, cost, cash, distribution and product leadership — continue to remain vitally important to Goodyear’s turnaround, he said.
Keegan also pointed out to shareholders that Goodyear has made progress in creating a richer product mix and increasing brand equity; rebuilding dealer relationships; investing in value creation and reducing costs; increasing earnings capacities; extending debt maturities; and improving the capabilities of the leadership team.
In 2004, Goodyear’s North American Tire business posted a profit, Keegan reminded shareholders. He also listed various awards and recognition that Goodyear has earned recently for product innovation and performance.
“We have zero interest in mere survival,” Keegan said. “We are playing to win.”
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