Bridgestone to end Olympic, Paralympic partnership

TOKYO — Bridgestone Corp. is ending its partnership with the International Olympic Committee (IOC) after it expires at year-end, opting not to renew its current agreement with the IOC and its Worldwide Olympic and Paralympic organizations.

The news comes one day after the tire maker announced a major organizational shakeup in which Scott Damon is replacing Paolo Ferrari as the top executive in North America.

Bridgestone, which had been a Worldwide Olympic Partner since 2014 and a Worldwide Paralympic Partner since 2018, said the decision was made to sever ties with the IOC after evaluating its "evolving corporate brand strategy and re-commitment to more endemic global motorsports platforms."

The tire maker, ranked No. 2 in the world in global tire sales in 2023, said it still believes strongly in the IOC's vision of "building a better world through sport" and the International Paralympic Committee (IPC)'s vision of "an inclusive world through Para Sport." That belief is based on Bridegstone's corporate mission of "serving society with superior quality."

The tire maker noted in a news release that it has promoted the power of sports and supported athletes as they competed. By collaborating with the IOC and IPC during the last decade, it said it has engaged employees and strengthened relationships with customers and partners worldwide.

The company disclosed in its half-year financial results that it was aiming to reduce costs by $450 million this year through various cost-saving measures across its global operations. In the first half of the year, Bridgestone made moves to realize $235 million in savings.

Bridgestone said it will focus on "more endemic platforms" in which tires can affect performance, drive innovation and create value.

Its commitment to motorsports — Bridgestone Americas Inc. extended its deal with Penske Entertainment on Sept. 12 to keep Firestone the exclusive tire supplier of IndyCar racing, which includes all NTT IndyCar Series races, including the Indianapolis 500, through 2030 — will continue.

"Bridgestone will commit to empowering each and all to achieve their best and being essential to the future of mobility by enhancing its position as a sustainable premium brand," the company said.

Damon was named vice president, senior officer and Bridgestone West CEO on Sept. 30, succeeding Ferrari, executive officer and Bridgestone West CEO since 2022.

The personnel moves, Bridgestone said, are part of the tire maker's new Global Executive Management Structure, which becomes effective Jan. 1. The initiative focuses on value creation through a Genbutsu-Genba (respect for being on-site) approach while improving "the quality of management, working and business in line with the mid-term business plan," the company said in March.

Damon's appointments are effective Nov. 1. Ferrari, who joined Bridgestone in 2016 after serving as CEO of Pirelli Tyre S.p.A.'s Latin American business, is stepping down Oct. 31.

On Jan. 1, Damon will be promoted to executive vice president, executive officer of Bridgestone West CEO and global chief digital transformation officer.

The shakeup eliminates the position of joint global chief operating officer and instead creates several new positions.