Goodyear Is Elliott’s Latest Win in Activist’s Track Record of Stock Gains
- Tire maker’s stock is up about 20% since Elliott Stake
- Most Elliott stakes since 2020 have risen after involvement
Shares of the tire manufacturer rose 2.8% on Wednesday, the day the changes were announced.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
Goodyear Tire & Rubber Co. announced a flurry of changes this week, including the upcoming departure of chief executive officer Richard Kramer, as part of a sweeping transformation plan after months of pressure from activist Elliott Investment Management.
Shares of the tire manufacturer rose 2.8% on Wednesday, the day the changes were announced. Since Elliott started its campaign, the stock has risen about 20%, according to data compiled by Bloomberg. The stock climbed for a sixth consecutive session Friday, its longest run of gains since March.