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In what is being widely interpreted as a first stage in the eventual departure of Jochen Zeitz , H-D has announced the promotion of Jonathan Root to President - ' Commercial '. Root will continue to serve as CFO . In this expanded role , Root will assume oversight of global commercial operations while retaining his existing leadership of the finance organization . " This promotion reflects Jonathan ' s strong leadership across a variety of roles at Harley , and is underpinned by his knowledge and expertise of our business ," said Jochen Zeitz , Chairman , President and CEO , H-D Inc . Root was appointed as Harley CFO in June 2023 , having previously held the role of Senior VP at HDFS where he oversaw the global HDFS business , President of Eaglemark Savings Bank , President of H-D Insurance , and President of all other HDFS subsidiaries . Root joined HDFS in 2011 and holds an MBA from the University of Detroit Mercy and a BSc in Corporate Finance .
Branded as the " Birthplace of The American Biker ," The City of Hollister near Monterey , California has a unique place in motorcycle culture , featuring in the iconic 1953 Marlon Brando movie ' The Wild One '. Local hero Mike Corbin had spearheaded the original ' Return of the Wild Ones ' in 1997 with the popular Fourth of July Hollister Rally . It recognized the seminal influence and impact of the movie , but also honored the excellent AMA Hill Climb races that were staged outside the city in the 1930s and 1940s as part of the Gypsy Tour Rally . Those races ran until 1947 , which was the year when the largely fictional and exaggerated events portrayed in the movie played out . The Rally ran for ten years , until 2017 , but now , finally Hollister City Council has voted 5:0 to see it reborn on Independence Day in 2025 . Thanks for the heads-up , Mike , and we look forward to publishing full details in an upcoming edition .
Goodyear Sells Dunlop Tire Brand to Japan ' s Sumitomo Rubber Industries
Akron , Ohio based Goodyear Tire & Rubber has announced a definitive agreement to sell the Dunlop brand to Japanese conglomerate Sumitomo Rubber Industries ( SRI ) in a complex deal that is said to be worth initial gross cash proceeds of $ 701m plus a matrix of brand and segment cross licensing agreements and income streams . The deal comprises trademarks and intangible assets necessary for operations of the brand business in Europe , North America and Oceania for consumer , commercial and other specialty tires ; together with certain associated intellectual property . This is far from being SRI and Goodyear ' s first dealings involving the Dunlop brand . Indeed , the two have a complex and not always harmonious history where Dunlop is concerned . The Sumitomo portfolio of tire brands already includes Dunlop ( in certain regions of Asia , Africa , and Latin America ), with SRO also manufacturing and selling sells sport equipment under the Dunlop Sport brand . The company traces its origins to 1909 , when the Sumitomo Group made an investment in Dunlop Japan , the newly formed Japanese subsidiary of the then British company Dunlop Rubber . Over the years Sumitomo and Dunlop developed a close business relationship , and in 1963 the Sumitomo Group acquired control of Dunlop Japan and renamed it Sumitomo Rubber Industries Ltd . From the Goodyear perspective , the sale of the Dunlop Brand follows a previously announced strategic review of the brand in connection with their ' Goodyear Forward ' transformation plan . SRI is paying Goodyear for the transfer of the Dunlop Brand across the relevant geographies and the purchase of Dunlop tire inventory . The transaction also provides for a complex matrix of additional ongoing ' offtake ', licensing and other balance sheet driven arrangements . " This is another important milestone as we continue to execute against our ' Goodyear Forward ' transformation plan ," said Mark Stewart , Goodyear Chief Executive Officer and President .
" We are optimizing our portfolio and reducing leverage [ meaning debt ] to drive sustainable and substantial shareholder value creation . Not only does the transaction deliver significant value for our shareholders , it better positions Goodyear to enhance our focus on the growth of our core brands ." It is less than four years since Goodyear acquired its smaller Ohio rival Cooper Tire & Rubber . With that acquisition Goodyear found itself owning Avon Tyres , the iconic and then 120 year-old British manufacturer . Avon ' s historic UK factory was shuttered at the end of 2023 and this announcement makes no mention as to whether Goodyear still sees a role for the Avon brand of motorcycle tires in its transformation plan . The announcement does though cite Dunlop ' s motorcycle tire business as a segment that Goodyear appears intent on retaining , one way of another . Only $ 526m of the $ 701m that SRI is to pay to Goodyear is actually for the Dunlop
Brand and certain associated intellectual property ; the balance is largely brand transition activity and related arrangements , including around $ 70m for existing Dunlop consumer tire inventory at an agreed markup . Goodyear will continue to manufacture , sell and distribute Dunlop branded consumer tires in Europe , at least through the end of 2025 , and will pay a royalty to SRI but retain all profits from these sales . Following the completion of the transmission agreement , Goodyear
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