AKRON (May 12, 2005) — Goodyear has named Joseph Copeland, senior vice president of business development, strategy and restructuring, CEO of its South Pacific Tyres joint venture in Australia, replacing Luis Ceneviz, who is leaving the company.
Mr. Copeland, 43, has held his present position since November and was president of the company´s former chemical business for two years before that, Goodyear said. Goodyear did not disclose the reason for the change.
Mr. Ceneviz had been CEO of South Pacific Tyres only since January 2003; prior to that he was managing director of Goodyear's Indian operations for two-and-a-half years.
Darren R. Wells, currently vice president and treasurer, was named senior vice president, business development and treasurer, assuming Copeland´s business development responsibilities as well as additional oversight responsibilities for the investor relations and tax functions.
Mr. Copeland will report to the South Pacific Tyres board of directors and to Pierre Cohade, president of Goodyear´s Asia/Pacific tire business, for the purpose of coordination between Goodyear and South Pacific Tyres operations. South Pacific Tyres is a 50:50 venture between Goodyear and Australia's Ansell Ltd., formerly Pacific Dunlop Ltd.
Goodyear Chairman and CEO Robert J. Keegan said Mr. Copeland's “experience, leadership capabilities and track record of success make him ideally suited” for leading South Pacific Tyres through this “important stage of its turnaround."
Goodyear's ownership stake in South Pacific is likely to change this year or next. According to terms of an agreement entered into in 2001, Ansell has the right, subject to certain conditions, during the period beginning this August and ending one year later, to require Goodyear to purchase Ansell's interest in SPT.
The purchase price is a formula price based on the earnings of SPT, subject to various adjustments. If Ansell does not exercise its right, Goodyear may require Ansell to sell its interest to Goodyear during the 180 days following the expiration of Ansell's right at a price established using the same formula.