On the occasion of the presentation of a new strategic plan on Wednesday, Goodyear announced that it was considering a number of strategic options concerning its chemicals business, its Dunlop brand and its off-road tires.

This transformation plan - dubbed 'Goodyear Forward' - calls for portfolio optimization, margin improvement and debt reduction, with the stated aim of creating value for shareholders.

The program, set up by a committee drawn from the Board of Directors, aims to generate some two billion dollars in revenue through the reorganization of activities.

It also targets cost reductions of around $1 billion on an annualized basis by the end of 2025, which should enable it to double its operating margin to 10% by that time.

The American manufacturer also announced that its CEO Richard J. Kramer had expressed his desire to step down next year.

Goodyear says it has appointed a firm specializing in top-level executive recruitment to identify both internal and external candidates to succeed him.

The share price climbed more than 6% in pre-market trading following these announcements.

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