Activist investor Elliott Investment Management L.P. disclosed a large investment in Goodyear Tire & Rubber Co on Thursday and said it wants the company to strengthen its financial position by refreshing the board, selling its stores and conducting an operational review.
The Goodyear logo is seen at a tire workshop in Caracas, Venezuela December 10, 2018. REUTERS/Manaure Quintero
Elliott holds a 10% stake in the 125-year-old company, making it one of Goodyear's biggest investors. The investment firm, which manages $55 billion in assets, is proposing that five new directors join the 12-member board. Elliott, which has a history of taking board seats at companies including Twitter and eBay, said it has identified "experienced executives to spearhead" a board overhaul.The company said its board and management team "have a strong track record of making value-enhancing strategic decisions on behalf of shareholders" and regularly reviews its strategic plan to ensure that "Goodyear is best positioned to deliver strong, sustainable shareholder value.
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