Goodyear CEO Keegan to Succeed Gibara as Chairman

AKRON, Ohio, May 7, 2003 -- The Goodyear Tire & Rubber Company today announced that Chairman Samir G. Gibara will resign as chairman of the company's Board of Directors effective June 30, 2003. Robert J. Keegan, the company's president and chief executive officer has been elected by the board to succeed Gibara, 64, as chairman.

The announcement marks the completion of the orderly leadership transition process that was begun in October of last year when Keegan, 55, was named chief executive officer effective January 1, assuming management responsibility for the company. In addition to his role as chairman, Keegan will continue to serve as the company's CEO and president.

"We are now completing the transition plan that we laid out when Bob Keegan joined Goodyear in October 2000," said Gibara. "Over the course of these two years Bob has quickly learned the industry and demonstrated his leadership abilities. He has effectively taken on the leadership role as CEO since January and has earned the confidence of the board, the company's leadership, customers and associates."

"I welcome and appreciate the opportunity that the board has presented me in leading Goodyear at a very important time in its history. Our challenges are clear and I have full confidence that we have the people, the products and the plan, along with important momentum to meet those challenges," said Keegan.

"I want to thank Sam Gibara for his dedication to our company over his 37-year career with Goodyear. For me personally, Sam has provided important and valued counsel as I have begun my career with Goodyear," he added.

Goodyear also announced the creation of a "presiding director" position on the Board of Directors as an enhancement to its governance model. James M. Zimmerman, chairman of Federated Department Stores and a Goodyear director since 2001, will serve in the position. In this position, Zimmerman will preside over executive sessions of outside directors as called for by the proposed rules of the New York Stock Exchange.

"I welcome Jim Zimmerman to this new role," said Keegan. "The establishment of a presiding director is an appropriate action, consistent with the principles of good governance."

Keegan was elected Goodyear CEO, effective Jan. 1, 2003. He joined the company on Oct. 1, 2000, as president, chief operating officer and a director. Prior to joining Goodyear, Keegan was president of the Consumer Imaging business and an executive vice president of Eastman Kodak Co. in Rochester, N.Y.

A native of Rochester, N.Y., Keegan received a bachelor of science degree in mathematics from LeMoyne College in Syracuse, N.Y., and a master of business administration degree in finance from the University of Rochester.

Gibara has been Goodyear's chairman since July 1, 1996. He also served as CEO from Jan. 1, 1996 through Dec. 31, 2002. He has been a member of the company's Board of Directors since April 1995.

Prior to his election as CEO, Gibara was president and chief operating officer of the company. Before that, beginning in 1994, he was executive vice president of the corporation with responsibility for its North American Tire operations. He was elected a corporate officer in 1992. He began his Goodyear career in 1964.

Born in Cairo, Egypt, Gibara earned a bachelor's degree in business administration from Cairo University and a master's degree in international business and finance from Harvard University. He attended the Kellogg Graduate School of Management's Executive Program at Northwestern University. Gibara serves on the board of directors of Sumitomo Rubber Industries and International Paper.

Goodyear is the world's largest tire company. Headquartered in Akron, Ohio, the company manufactures tires, engineered rubber products and chemicals in more than 85 facilities in 28 countries. It has marketing operations in almost every country around the world. Goodyear employs about 92,000 people worldwide.