– USA, OH – Cooper Tire & Rubber Company (NYSE: CTB) today announced a planned succession of the company’s senior executive leadership.
Roy V. Armes, Chairman, Chief Executive Officer and President, intends to retire effective August 31, 2016. Consistent with the company’s succession plan, the Cooper Board of Directors plans to elect Bradley E. Hughes as President and Chief Executive Officer effective upon Armes’ retirement, and he is also expected to join the company’s Board of Directors at that time. Hughes has been with the company for more than six years and is currently Cooper’s Chief Operating Officer. In conjunction with this transition, current Lead Independent Director Thomas P. Capo is expected to become Non-Executive Chairman of the Board effective upon Armes’ retirement.
Armes joined Cooper in 2007 as Chief Executive Officer and President and was appointed Chairman approximately one year later. “With a focus on long-term strategic planning and outstanding execution, Roy spearheaded a positive transformation of Cooper’s business model, creating a stronger, more resilient and sustainable company,” said Capo. “During his tenure, Roy led an expansion of Cooper’s global footprint, significantly improved shareholder performance, and transformed technology and innovation at Cooper. Roy has our profound thanks for his outstanding leadership and the many contributions he has made to the company’s success. We look forward to Brad’s leadership, honed by his decades of experience in the automotive industry, as well as his years as Cooper’s Chief Financial Officer, President of International Operations, and his current role as Chief Operating Officer. We expect a seamless transition at the end of August.”
Armes said, “I am privileged and honored to have led Cooper for nearly a decade through good times and challenging times, and I continue to be most inspired by the quality and dedication of our people around the globe. Working together, we have led Cooper to many years of strong performance. Brad has been a positive and influential force at Cooper for more than six years now, and he will be tremendously effective at leading Cooper to even greater success in the years to come.”
About Brad Hughes
Bradley E. Hughes joined Cooper Tire & Rubber Company in November 2009 as Vice President and Chief Financial Officer (CFO). In July 2014, he was named Senior Vice President & President—International Operations with responsibility for leading all of Cooper’s operations outside of the Americas. Hughes also continued to serve as CFO in addition to his International role until his successor in the CFO role, Ginger Jones, was appointed in December 2014. He was named to his current position of Senior Vice President & Chief Operating Officer in January 2015. In this role, Hughes has responsibility for Cooper’s worldwide operations throughout North America, Asia, Europe and Latin America.
Formerly a 23-year employee of Ford Motor Company, Hughes previously worked as Global Product Development Controller for Ford in Dearborn, Mich.; 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, in Cologne, Germany; and in other corporate finance and treasury positions.
Prior to joining Ford, Hughes worked for Fruehauf Finance Corp.
A Detroit native, Hughes earned a bachelor’s degree in business from Miami University in Oxford, Ohio, and earned a master’s degree in business administration (MBA) from the University of Michigan Business School.
Thomas P. Capo has been a member of the Cooper Board of Directors since 2007 and has been Lead Independent Director since 2014. He served from 2003 to 2010 as the Chairman of the Board of Dollar Thrifty Automotive Group, Inc., a vehicle rental company. Capo was Senior Vice President and Treasurer of DaimlerChrysler Corporation from 1998 to 2000, and for seven years prior, served as Treasurer of Chrysler Corporation. Prior to these positions, he was Vice President and Controller of Chrysler Financial Corporation. Capo currently serves as a Director of Lear Corporation and served as a Director of Dollar Thrifty Automotive Group, Inc., until its sale in 2012.
Capo holds a bachelor’s degree in accounting and finance, a master’s degree in economics, and a master’s degree in business administration (MBA), each from the University of Detroit Mercy
About Cooper Tire & Rubber Company
Cooper Tire & Rubber Company (NYSE: CTB) is the parent company of a global family of companies that specializes in the design, manufacture, marketing and sale of passenger car and light truck tires. Cooper and its subsidiaries also sell medium truck, motorcycle and racing tires. Cooper’s headquarters is in Findlay, Ohio, with manufacturing, sales, distribution, technical and design operations within its family of companies located in more than one dozen countries around the world.
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