Cooper Tire & Rubber Company Announces International Segment Leadership Transition

  Cooper Tire & Rubber Company Announces International Segment Leadership
  Transition

Business Wire

FINDLAY, Ohio -- July 2, 2014

Cooper Tire & Rubber Company (NYSE: CTB) Chairman, Chief Executive Officer and
President Roy Armes today announced a transition in executive leadership of
the company’s International business segment. Effective today, Cooper Chief
Financial Officer (CFO) Brad Hughes has been appointed President—International
Operations. He is responsible for leading all of Cooper’s operations outside
of the Americas, including its growth plans for Asia and Europe. In the
near-term, Hughes will continue to serve as CFO in addition to his new
position while Cooper conducts an executive search for his successor in the
CFO role.

Brad Hughes has been appointed President—International Operations for Cooper
Tire & Rubber Company. ...

Brad Hughes has been appointed President—International Operations for Cooper
Tire & Rubber Company. Hughes has served as Chief Financial Officer for Cooper
since 2009 and will continue in the CFO role in addition to his new duties
while Cooper conducts a search for a successor to Hughes in the CFO role.
(Photo: Business Wire)

As Hughes assumes leadership of the International segment, Hal Miller, who
previously served as President—International Tire Division, moves into a new
role as Executive Advisor to the Chief Executive Officer. Miller will assist
the company in the process to determine the future ownership of the Cooper
Chenghsan (Shandong) Tire Company Ltd (CCT) joint venture, as well as
continuing to support International segment growth plans, and helping to
assure an orderly transition to Hughes’ leadership.

“Cooper’s International segment has grown rapidly, and we plan to continue to
drive profitable sales, ultimately positioning our International business to
deliver half of Cooper's total global revenues,” Armes said. “We look forward
to the contributions Brad will make as he assumes leadership of this
significant part of our business. As CFO, Brad has been highly involved in our
global business operations for the past five years, leading teams in Asia and
Europe, as well as North America. Prior to Cooper, Brad had extensive
international experience at Ford Motor Company, where he served in roles such
as Global Product Development Controller; Finance Director for South America
Operations in Sao Paulo, Brazil; Director of European Business Strategy and
Implementation in Cologne, Germany; and European Manufacturing Controller,
also in Cologne. He is well positioned to take on leadership of our
International operations as Hal transitions to his new role. Hal has done a
tremendous job over the past decade growing our International sales to $1.2
billion with solid profitability. He has established a firm foundation and a
track record of success, and he will continue to be involved in helping to
assure that we maintain our momentum in this important part of our business,”
Armes concluded.

Biographical Information—Hughes

Hughes, 52, joined Cooper in 2009 as Vice President and Chief Financial
Officer. Formerly a 23-year employee of Ford Motor Company in Dearborn, Mich.,
Hughes previously worked as Global Product Development Controller for Ford in
Dearborn; as Finance Director for Ford's South America Operations in Sao
Paulo, Brazil; as Director of European Business Strategy and Implementation in
Cologne, Germany; as European Manufacturing Controller, also in Cologne; and
in other corporate finance and treasury positions. Prior to joining Ford,
Hughes worked for Fruehauf Finance Corp., in Detroit, Mich. Hughes earned a
bachelor's degree in business from Miami University, Oxford, Ohio, and earned
a master's degree in business administration (MBA) from the University of
Michigan Business School, Ann Arbor, Mich.

Biographical Information—Miller

Miller, 62, joined Cooper in 2002 as Vice President, Corporate Planning and
Control and was named President of the company's International Tire Division
in 2004. Prior to joining Cooper, he served for 16 years with the Eaton
Corporation in Toledo, Ohio, where his most recent position was Vice President
and General Manager for the fluid power hose and plastic operation. Miller’s
background also includes 10 years in public accounting as well as mergers and
acquisitions experience. A Certified Public Accountant since 1975, Miller
earned a master’s degree in business administration (MBA) from the University
of Toledo, Toledo, Ohio, and holds a bachelor's degree in Business
Administration from the University of Cincinnati, Cincinnati, Ohio.

Forward Looking Statements

This release contains what the Company believes are “forward-looking
statements,” as that term is defined under the Private Securities Litigation
Reform Act of 1995, regarding projections, expectations or matters that the
Company anticipates may happen with respect to the future performance of the
industries in which the Company operates, the economies of the United States
and other countries, or the performance of the Company itself, which involve
uncertainty and risk. Such “forward-looking statements” are generally, though
not always, preceded by words such as “anticipates,” “expects,” “will,”
“should,” “believes,” “projects,” “intends,” “plans,” “estimates,” and similar
terms that connote a view to the future and are not merely recitations of
historical fact. Such statements are made solely on the basis of the Company’s
current views and perceptions of future events, and there can be no assurance
that such statements will prove to be true.

It is possible that actual results may differ materially from those
projections or expectations due to a variety of factors, including but not
limited to:

• volatility in raw material and energy prices, including those of rubber,
steel, petroleum based products and natural gas and the unavailability of such
raw materials or energy sources;

• the failure of the Company’s suppliers to timely deliver products in
accordance with contract specifications;

• changes in economic and business conditions in the world;

• failure to successfully implement information technologies or related
systems, including the failure to successfully implement systems in connection
with the Company's ERP deployment;

• increased competitive activity including actions by larger competitors or
lower-cost producers;

• the failure to achieve expected sales levels;

• changes in the Company’s customer relationships, including loss of
particular business for competitive or other reasons;

• changes to tariffs or the imposition of new tariffs or trade restrictions;

• changes in pension expense and/or funding resulting from investment
performance of the Company’s pension plan assets and changes in discount rate,
salary increase rate, and expected return on plan assets assumptions, or
changes to related accounting regulations;

• government regulatory and legislative initiatives including environmental
and healthcare matters;

• volatility in the capital and financial markets or changes to the credit
markets and/or access to those markets;

• changes in interest or foreign exchange rates;

• an adverse change in the Company’s credit ratings, which could increase
borrowing costs and/or hamper access to the credit markets;

• the risks associated with doing business outside of the United States;

• the failure to develop technologies, processes or products needed to support
consumer demand;

• technology advancements; the inability to recover the costs to develop and
test new products or processes;

• the impact of labor problems, including labor disruptions at the Company,
its joint ventures, including CCT, or at one or more of its large customers or
suppliers;

• failure to attract or retain key personnel;

• consolidation among the Company’s competitors or customers;

• inaccurate assumptions used in developing the Company’s strategic plan or
operating plans or the inability or failure to successfully implement such
plans;

• failure to successfully integrate acquisitions into operations or their
related financings may impact liquidity and capital resources;

• the ability to sustain operations at CCT, including obtaining financial and
other operating data at CCT;

• changes in the Company’s relationship with its joint-venture partners, or
changes in the ownership structure of its joint ventures, including changes
resulting from the previously announced agreement between the Company and the
CCT joint-venture partner;

• the inability to obtain and maintain price increases to offset higher
production or material costs;

• inability to adequately protect the Company’s intellectual property rights;
and

• inability to use deferred tax assets.

It is not possible to foresee or identify all such factors. Any
forward-looking statements in this release are based on certain assumptions
and analyses made by the Company in light of its experience and perception of
historical trends, current conditions, expected future developments and other
factors it believes are appropriate in the circumstances. Prospective
investors are cautioned that any such statements are not a guarantee of future
performance and actual results or developments may differ materially from
those projected.

The Company makes no commitment to update any forward-looking statement
included herein or to disclose any facts, events or circumstances that may
affect the accuracy of any forward-looking statement. Further information
covering issues that could materially affect financial performance is
contained in the Company’s periodic filings with the U. S. Securities and
Exchange Commission (“SEC”).

About Cooper Tire & Rubber Company

Cooper Tire & Rubber Company (NYSE: CTB)  is the parent company of a global
family of companies that specialize in the design, manufacture, marketing, and
sales of passenger car and light truck tires. Cooper has joint ventures,
affiliates and subsidiaries that also specialize in medium truck, motorcycle
and racing tires. Cooper's headquartersis in Findlay, Ohio, with
manufacturing, sales, distribution, technical and design facilities within its
family of companies located in 11 countries around the world. For more
information on Cooper, visit www.coopertire.com, www.facebook.com/coopertire
or www.twitter.com/coopertire.

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Contact:

Cooper Tire & Rubber Company
Investor Contact:
Christine Hanneman, 419-424-4214
cjhanneman@coopertire.com
or
Media Contact:
Anne Roman, 419-429-7189
alroman@coopertire.com
 
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