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Goodyear has cut 135 jobs in U.S. and Latin America, new CEO confirms

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Goodyear has cut 135 jobs in U.S. and Latin America, new CEO confirms

Goodyear Tire & Rubber Co. CEO and President Mark Stewart said Tuesday the company has trimmed 135 positions in the U.S. and Latin America.

A company spokesman refused to elaborate on what Stewart described as having “taken actions” on the positions, declining to say how many jobs were cut at specific locations — including the Akron headquarters — or whether the cuts were achieved through layoffs, buyouts or attrition.

Stewart acknowledged the workforce cutback during the company’s first-quarter earnings call, adding that: “While headcount reductions of any kind are always very difficult decisions that we can make as a management team, they are in fact required for us to right-size our cost structure and enable our long-term competitiveness as a company.”

In March, the Beacon Journal reported on Goodyear’s plans to cease operations at its Malaysia June 30, leaving about 550 employees jobless.

And in September, Goodyear confirmed plans to remove about 1,200 positions in its Europe, Middle East and Africa sector.

On Monday, Goodyear announced $4.5 billion in net sales and a net loss of $57 million, or 20 cents per share, for the first quarter of 2024. In the first quarter of 2023, Goodyear reported $4.9 billion in net sales with a net loss of $101 million, or 35 cents per share.

Goodyear’s operating income has been affected by an April 2023 tornado at a Tupelo plant and by a September fire at a Poland factory, said Christina Zamarro, Goodyear’s executive vice president and chief financial officer, on the Tuesday call.

Stewart, who joined the company in January, said on Tuesday’s call that he and Zamarro have been “meeting personally across the workstreams on a weekly basis with each of the functions, be it purchasing, be it manufacturing, across our retail, et cetera.”

The two executives and other staff members have also been visiting Goodyear’s U.S. clients, he said.

Goodyear also aims to reduce its overtime and the amount it pays third-party contractors, Stewart said.

At the stock market’s closing bell Tuesday, Goodyear’s stock was up one cent or 0.08% to $12.42.

Patrick Williams covers growth and development for the Akron Beacon Journal. He can be reached by email at pwilliams@gannett.com or on X, formerly known as Twitter, @pwilliamsOH.

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