Goodyear Tire & Rubber Co. named Richard Kramer as the new Chief Executive Officer, in place of Robert Keegan, who will officially retire from the position but remain the tire maker's chairman.

"This decision is the logical and anticipated culmination of a well-thought-out succession plan", James C. Boland, Goodyear's lead director, revealed in the statement.

Goodyear Tire & Rubber Co. reported a fourth-quarter profit on Thursday that surpassed Wall Street forecasts, backed by better-than-expected results at its key North American unit and shares rose 2.5 percent.

The Akron, Ohio, based tire company posted an 8 percent increase in volume as global demand remained on a high.

Gaining from the cost reductions and cheaper raw materials, Goodyear Tire and Rubber Company managed to earn twice the profits earlier expected. The earnings are far better than the company expected in the third quarter of 2009. The profits earned in the three months rose to $72 million, as compared to $31 million, a year ago.

The workers of the leading tire-manufacturer, Goodyear Tire & Rubber Co, have approved a 4-year labor deal that will prevent the potential closure of the six plants over the approaching period of four years.

Goodyear Tire & Rubber Co., the largest U. S. tire maker informed Friday it would shutter down its tire manufacturing plant in Philippines, blaming hostile market conditions for the current move.

The shutdown of the plant will result into around 500 job losses.

The $330 million, or $1.37 a share, fourth-quarter net loss posted by Goodyear Tyre & Rubber Co on Wednesday was worse-than-anticipated. The reported figures were a drastic turnaround from the year-before profit of $52 million, or 23 cents a share.

Blink 182 drummer Travis Barker and the mother of his bodyguard who died in the September South Carolina plane crash, has filed a suit for monetary damages against Canadian Aerospace conglomerate and maker of the Learjet - Bombardier Inc., Clay Lacy Aviation - jet chart