8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): October 14, 2008

The Goodyear Tire & Rubber Company
__________________________________________
(Exact name of registrant as specified in its charter)

Ohio	1-1927	34-0253240
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
1144 East Market Street, Akron, Ohio		44316-0001
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: 330-796-2121

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 14, 2008, the Board of Directors of The Goodyear Tire & Rubber Company ("Goodyear") elected Darren Wells as Executive Vice President and Chief Financial Officer, effective October 17, 2008. Mr. Wells succeeds W. Mark Schmitz as Goodyear's Chief Financial Officer.

Mr. Wells has served as Goodyear’s Senior Vice President, Finance and Strategy since March 14, 2007. Mr. Wells joined Goodyear on August 1, 2002 and was elected Vice President and Treasurer on August 6, 2002. On May 11, 2005, Mr. Wells was named Senior Vice President, Business Development and Treasurer. Prior to joining Goodyear, Mr. Wells served in various financial posts with Ford Motor Company units from 1989 to 2000 and was the Assistant Treasurer of Visteon Corporation from 2000 to July 2002. Mr. Wells is 42 years old.

Mr. Wells will receive an annual base salary of $450,000 and will continue to participate in Goodyear's Performance Recognition Plan, with an annual target of $340,000. In connection with his election, the Board of Directors approved additional grants of 2,300 performance shares for the three-year performance period ending December 31, 2010 under Goodyear's 2008 Performance Plan and 2,700 units for the three-year performance period ending December 31, 2010 under Goodyear's Executive Performance Plan.

A copy of Goodyear’s press release announcing Mr. Wells’ appointment is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibit 99.1 – News release, dated October 17, 2008

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	The Goodyear Tire & Rubber Company
October 17, 2008	By:	C. Thomas Harvie
		Name: C. Thomas Harvie
		Title: Senior Vice President, General Counsel and Secretary

Exhibit Index

Exhibit No.	Description
99.1	News release, dated October 17, 2008

EX-99.1

	News Release
Corporate Headquarters: 1144 East Market Street, Akron, Ohio 44316-0001	Media Website: www.GoodyearNewsRoom.com

CONTACT: Keith Price

330-796-1863

FOR IMMEDIATE RELEASE

Goodyear Announces Senior Finance Leadership Change
• Darren Wells Named CFO, Replacing Mark Schmitz

AKRON, Ohio, October 17, 2008 – The Goodyear Tire & Rubber Company today announced that W. Mark Schmitz, executive vice president and chief financial officer, has elected to leave the company to pursue other interests. Darren R. Wells, previously senior vice president of finance and strategy, has been named to replace Schmitz as CFO effective immediately, according to Robert J. Keegan, chairman and chief executive officer.

Schmitz, 57, served the company as chief financial officer for the past 14 months. Wells, 42, was one of the key leaders and architects of the company’s financial restructuring since joining the company from Visteon Corp. six years ago as Goodyear’s vice president and treasurer. Wells was promoted to senior vice president business development and treasurer in May 2005, and to his most recent position in March 2007.

“The innovative plans to restructure our balance sheet executed under Darren’s leadership served as the foundation of the company’s rebirth as a stronger, more respected competitor in the tire industry,” Keegan said. “As chief financial officer, Darren will use his outstanding business and financial skills and strong leadership capabilities to generate shareholder value.”

A native of Indianapolis, Wells earned his bachelor of arts degree from DePauw University in Greencastle, Indiana, and his MBA in finance from Indiana University. He held positions of increasing importance in 10 years at Ford Motor Company, including assignments in Australia for Ford Credit and Ford Investment Enterprises. He returned to the U.S. in 2000 as assistant treasurer of Visteon.

Schmitz was previously with Tyco International’s Fire and Security segment as vice president and chief financial officer for four years prior to joining Goodyear.

“We appreciate Mark’s contributions during a challenging period in our industry and in the global economy, and wish him well in the next phase of his career,” Keegan said.

Goodyear is one of the world’s largest tire companies. Fortune magazine named Goodyear the World’s Most Admired Motor Vehicle Parts Company in its 2008 list of the World’s Most Admired Companies. The publication ranked Goodyear No. 1 in innovation, people management, use of assets and global orientation. The company is also listed on Forbes magazine’s list of the Most Respected Companies in America and its list of the Most Trustworthy Companies in America and CRO magazine’s ranking of the 100 Best Corporate Citizens. Goodyear employs about 70,000 people and manufactures its products in more than 60 facilities in 25 countries around the world. For more information about Goodyear, go to www.goodyear.com/corporate.

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