The Goodyear Tire & Rubber Company
GT achieved many milestones in 2013, a year that was unlike any
other in its 115-year history.
The Goodyear Tire & Rubber Company, Akron, Ohio, USA.
Achieving record segment operating income and strong cash flow were just two
of those highlighted by Chairman and Chief Executive Officer Richard J. Kramer
at the company's annual shareholder meeting today.
This outstanding performance, he said, enabled Goodyear to achieve two
additional significant milestones; reinstating a dividend on its common stock
after 10 years and fully funding its U.S. pension plans.
"Without the shadow of the unfunded pension obligation, we can now both invest
in our business and provide returns to our shareholders," Kramer said. "We're
confident that the soundness of our strategy, our ability to execute against
that strategy and the performance of our teams around the globe will continue
to provide momentum toward our destination of delivering sustainable economic
value for the long term."
Kramer also noted Goodyear's recent recognition by Fortune magazine as the
world's "Most Admired" motor vehicle parts company based on factors including
financial performance, innovation, product quality and social responsibility.
"The companies on the Fortune list share many of the same
attributes‒sustainable earnings, a focus on innovation, strong cultures and
great brands," he said. "We see this honor as another validation of our
progress and our competitive advantages."
During the meeting, shareholders re-elected 12 members of the company's Board
of Directors to new one-year terms.
Shareholders also voted to ratify the appointment of PricewaterhouseCoopers
LLP as the company's independent registered public accounting firm for 2014. A
shareholder proposal to appoint an independent board chairman was not
approved. In an advisory vote, shareholders approved the compensation of the
company's named executive officers.
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