Goodyear chairman and CEO Richard J. Kramer will retire from the company next year, and the search for his successor is underway, the company announced.

It has retained an executive search firm to assist in finding his replacement. Goodyear says that under Kramer’s leadership, the company achieved its five highest years of annual segment operating income.

Kramer also led a transformation of the business and guided it through the Covid-19 pandemic, and saw through the company’s acquisition of Cooper Tire in 2021.

“On behalf of our entire board, I extend deep gratitude to Rich for his outstanding leadership and innumerable contributions to Goodyear over the course of his distinguished career. He successfully navigated Goodyear through a number of challenging cycles, including the aftermath of the financial crisis and the global pandemic. Throughout his tenure, Rich has led the Company with a clear long-term vision that positioned Goodyear as a leader at the forefront of the industry, with unmatched competitive advantages,” said Laurette T. Koellner, independent lead director of Goodyear’s board.