A mid a year of record sales and earnings, Findlay, Ohio-based Cooper Tire & Rubber Co.'s Chairman and CEO Ivan Gorr stepped down Oct. 15, retiring from the company he had headed since 1989. Patrick Rooney, who had been president of Cooper's tire operations, stepped into the position vacated by Mr. Gorr, who remains on the corporation's board of directors.
John Fahl, former vice president of purchasing, became president of tire operations.
In 1994, Cooper continued to build on its successes from recent years, reporting record third-quarter shipments of replacement tires, net income and sales.
The company announced it was boosting production capacity at its Albany, Ga., radial truck and passenger tire plant to 25,000 units per day from 10,000.
Mr. Gorr predicted the company would spend about $117 million on capital expenditures in 1994.
The firm also signed a new 10-year supply agreement with TBC Corp. to enhance and develop a number of initiatives in product planning, distribution and administration tailored to better service in the market.
Cooper has manufactured private brand auto and light truck tires for TBC since 1971.
During 1994, the company also began distributing its Starfire passenger and light truck, full-line associate brand tires in niche markets.
Cooper's net earnings had grown 20.3 percent through the first nine months of 1994 to $89.4 million, as sales climbed to $1.04 billion, up 15.3 percent.
The company said rising raw material costs and competitive pricing could squeeze operating margins for the year.