Goodyear Investor Elliott Suggests To Improve Investor Confidence, Governance

(RTTNews) - 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.