Thomas Dattilo, chairman, president & CEO of Findlay, OH-based Cooper Tire & Rubber, has resigned his position, leaving a company bleeding red ink. Byron Pond, a member of Cooper’s board of directors, has stepped in to serve as interim CEO during a search for permanent replacement.
Pond is joining two other directors, Arthur Aronson and John Shuey, to form an “office of the chairman” to oversee governance of the company during the search process. Pond retired in 1999 from Arvin Industries, where he served as CEO, and in a post-retirement role most recently served as CEO of Amcast Industrial Corp. John Holland, another board member, will head up the search effort.
Cooper Tire has been struggling recently. Though it posted net sales of $625 million for the second quarter, up 22% versus the same period last year, it posted a net loss of $21 million for the second quarter.
In addition, Cooper Tire plans to close its manufacturing facility in Athens, GA, which produced tire retread products and a relatively small number of racing tires.