Management Succession Planning for Family Businesses

2/24/2010-Goodyear Tire & Rubber Company (NYSE: GT) today announced that its board of directors have elected Richard J. Kramer as CEO and president effective April 13, 2010, replacing Robert J. Keegan who will remain as executive chairman of the board. Kramer was also elected as a member of the board.

James C. Boland, Goodyear’s lead director, commented, “One of the keys to Bob Keegan’s success was his ability to attract and develop an impressive leadership team. Through Bob’s mentoring of Rich Kramer over the past nine years, the close partnership that developed as they jointly created the company’s strategy, and with Rich’s successful performance in several critical leadership roles, this decision is the logical and anticipated culmination of a well thought out succession plan.”

Kramer, who was named chief operating officer in June 2009, spent the previous three years successfully leading the company’s North American Tire business.

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Recommended Reading

• Management Succession Planning for Family Businesses
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• Driving to Better Sales – 8 – Coaching with the Dashboard
• Management Succession Planning Blueprint (ebook)

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