said it would add three directors in agreement with Elliott Investment Management, months after the activist investor disclosed a stake and called for changes to strengthen the company's financial position.the company to refresh the board, sell its stores and conduct an operational review.
Elliott, which has a history of taking board seats at companies including Twitter and eBay, had previously criticized the tyre-manufacturer for mismanagement and lagging behind its rivals, Michelin and Bridgestone. In its most recent quarter, Goodyear posted an adjusted quarterly loss of 29 cents per share, compared with analysts' average estimate of 30 cents.
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