Goodyear Tire to add three directors to settle with Elliott
Business
Goodyear Tire to add three directors to settle with Elliott
(Reuters) - Goodyear Tire & Rubber Co (GT.O) will add three directors to its board in agreement with Elliott Investment Management, the company said on Tuesday, months after the activist investor disclosed a large investment.
The company's shares rose 2.7% in premarket trade.
Elliott in May called upon the company to strengthen its financial position by refreshing the board, selling its stores and conducting an operational review.
On Tuesday, Goodyear said it would establish a strategic and operational review committee. The committee will be chaired by CEO Richard Kramer and will include two of the three new directors.
Evercore, Lazard and Goldman Sachs are financial advisers to Goodyear, while Paul Weiss is the legal counsel.
