"The Buck Stops Here" - Goodyear Names Replacement for CEO

AKRON, Ohio, October 1, 2002 The AP is reporting that Goodyear Tire & Rubber Co. has replaced its chief executive officer, whose reign has coincided with an 80 percent drop in the company's stock price.

Goodyear's board said Tuesday it will replace Samir G. Gibara as chief executive officer, effective Jan. 1, with Robert J. Keegan, currently president and chief operating officer. Gibara, who will remain chairman, will closely monitor the transition and will help Keegan with his new responsibilities, the company said.

In his new role, Keegan, 55, will assume management responsibility for the world's largest tire company.

Goodyear shares, which have slumped since they were more than $25 per share in March, were trading at $9.10 after Tuesday's announcement, up 21 cents on the New York Stock Exchange.

On Dec. 5, 1995, when Gibara was named CEO, Goodyear shares closed at $44.25 each.

The board also announced the formation of an executive committee to advise company leadership, which Gibara, 63, will head.

"The changes we are announcing today provide for both the orderly transition to new leadership for the company and more active counsel from the leaders of our board on matters affecting our business," he said.

In addition to Gibara, the members of the executive committee are John G. Breen, retired chairman of the board of The Sherwin-Williams Co.; William J. Hudson Jr., retired vice chairman of AMP Inc.; Philip A. Laskawy, retired chairman and chief executive of Ernst & Young; Steven A. Minter, executive director & president of The Cleveland Foundation, and James M. Zimmerman, chairman and chief executive of Federated Department Stores.