AKRON (dpa-AFX) - Elliott Investment Management L.P., one of the largest investors of Goodyear Rubber and Tire Co. (GT) shared a letter to the board of Goodyear outlining a path to creating value for the company and to strengthening the financial position of the company.
The letter noted that despite a strong brand, leading market share, and favorable industry tailwinds, Goodyear's stock has meaningfully and consistently underperformed, and that has led to a loss of investor confidence.
Elliott suggested appointing five new highly qualified independent directors to the Board to improve governance. Further, the letter suggested exploring ways to monetize Goodyear's company-owned store network.
Elliott also asked the board to form an operational review committee to develop an operational and margin improvement plan.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX