Cooper Tire & Rubber Company’s Chief Executive Officer and President, Roy V. Armes intends to retire effective August 31, 2016.
Cooper’s Board of Directors plans to elect Bradley E. Hughes as President and Chief Executive Officer effective upon Armes’ retirement.
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.”