By OXShare

Goodyear Tire, a stock owned by activist hedge fund Elliott Investment Management, saw its value rise by more than 8% during early trading on Wednesday. This surge can be attributed to the company’s unveiling of a significant plan aiming to divest $2 billion in assets and cut costs by $1 billion, among other measures. Additionally, Goodyear stated that Richard Kramer, the current Chairman, CEO, and President, will step down from his position in 2024.

Goodyear announced that it has thoroughly assessed all of its possessions and has made the decision to actively investigate different possibilities for its Chemical business, the Dunlop brand, and its Off-the-Road equipment tire division. Goodyear received financial advice from Evercore, Lazard (NYSE: LAZ), and Goldman Sachs during this process