Skip to main content
Sister Publication Links
  • Rubber News
  • European Rubber Journal
Subscribe
  • Login
  • Register
  • Subscribe
  • Current Issue
  • BEST PLACES TO WORK
  • News
    • HUMANITARIAN
    • TIRE MAKERS
    • COMMERCIAL TIRE
    • GOVERNMENT & LAW
    • MERGERS & ACQUISITIONS
    • OBITUARIES
    • OPINION
    • MID YEAR REPORT
    • SERVICE ZONE
  • ADAS
  • Data
    • DATA STORE
  • Custom
    • SPONSORED CONTENT
  • Resources
    • Events
    • DIRECTORY
    • CLASSIFIEDS
    • SHOP FLOOR
    • AWARDS
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
    • RUBBER NEWS EVENTS
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Best Places to Work
  • ADVERTISE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. Financial
April 08, 2020 11:10 AM

Goodyear's virtual meeting creates issues with shareholder

Dan Shingler, Crain's Cleveland Business
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    AKRON — The COVID-19 pandemic has created another potential pitfall for businesses: how to hold an annual meeting that fulfills the requirements of such events in a locked-down world.

    The answer, of course, is to hold virtual meetings, but as Goodyear learned, that's not without risks.

    Goodyear held its annual meeting on April 6 in a virtual format online. In that meeting, the company's shareholders re-elected 12 board members and approved executive compensation.

    But the meeting also apparently angered shareholder John Chevedden of Redondo Beach, Calif., according to a filing he made with the Securities and Exchange Commission that appeared on the SEC.gov website on April 7.

    Mr. Chevedden had a proposal up for consideration at the meeting — Proposal 4, specifically, which would have required changes to the company's bylaws be put to a nonbinding vote by shareholders in order to give them a voice in such decisions.

    "It is important that bylaw and charter amendments take into consideration the impact that such amendments can have on limiting the rights of shareholders and on reducing the accountability of directors and managers," the proposal states.

    Mr. Chevedden said he especially wanted the change now, because of Goodyear's recent performance.

    "It is particularly important to increase the voice and rights of shareholders in a year in which our stock has fallen from $20 to $5. Goodyear stock is now priced lower than it was in 1962," his proposal states.

    But Mr. Chevedden said the microphones were cut as the proposal was being considered.

    Now, he wants the matter to be given a fair hearing and voted on again, since the proposal failed to pass during the meeting.

    "The polls should be reopened so that shareholders can vote based on the full text of the Proposal 4 presentation," Mr. Chevedden wrote in his SEC filing.

    Goodyear did not yet respond to questions on the matter, which were posed to the company on short notice April 7, so it could not be determined whether the microphones cut out because of a technical glitch or some other reason.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    Most Popular
    1
    Tire Discounters grows again, adds Skip Cottrell's
    2
    Icahn-owned Auto Plus files for Chapter 11 protection
    3
    Truck sector leads U.S. tire market; consumer down
    4
    K&M welcomes dealers to annual conference in Vegas
    5
    Black's Tire Service holds leadership conference
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • Instagram
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    Reader Services
    • Staff
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • BEST PLACES TO WORK
    • News
      • HUMANITARIAN
      • TIRE MAKERS
      • COMMERCIAL TIRE
      • GOVERNMENT & LAW
      • MERGERS & ACQUISITIONS
      • OBITUARIES
      • OPINION
      • MID YEAR REPORT
      • SERVICE ZONE
    • ADAS
    • Data
      • DATA STORE
    • Custom
      • SPONSORED CONTENT
    • Resources
      • Events
        • ASK THE EXPERT
        • LIVESTREAMS
        • WEBINARS
        • SEMA LIVESTREAMS
        • RUBBER NEWS EVENTS
      • DIRECTORY
      • CLASSIFIEDS
      • SHOP FLOOR
        • BALANCING
        • DEMOUNTING
        • SAFETY
        • TIRE REPAIR
        • TPMS
        • TRAINING
        • VEHICLE LIFTING
        • WHEEL TORQUE
      • AWARDS
        • Best Places to Work
    • ADVERTISE
    • DIGITAL EDITION