AKRON (June 30, 2004) — In a business-as-usual annual meeting that contrasted sometimes tense gatherings of past years, Goodyear shareholders approved the nomination of four directors, including Chairman and CEO Robert Keegan.
Mr. Keegan, along with Rodney O'Neal and Shirley Peterson, were elected to three-year terms expiring in 2007. Mr. O'Neal is president, Dynamics, Propulsion, Thermal & Interior Sector at Delphi Corp. Ms. Peterson is a retired partner of law firm Steptoe & Johnson L.L.P. Additionally, John Breen, retired chairman of The Sherwin-Williams Co., was elected to a one-year term expiring in 2005. Dr. Agnar Pytte retired from the board.
Also during the 30-minute meeting, shareholders defeated a poison pill provision. Goodyear's board of directors in February had terminated the plan effective June 1. Shareholders also ratified PricewaterhouseCoopers L.L.P. as the tire maker's independent accountant.
In his remarks, Mr. Keegan assured stockholders that the tire maker is making progress in its turnaround.
“Based on the successes that we are experiencing in our global markets and the resulting business momentum, we are encouraged, but we are not satisfied,” he said. “We intend to continue building aggressively on that business momentum. We have much work ahead of us.”
Shareholder Philip Hines remarked that the company seems to be going more “uphill” than “downhill” as it had in years past. “We have some problems, but we seem to be moving ahead to get them resolved,” he said during the meeting.