Cooper Tire Names Bradley Hughes As New President And CEO; Boosts Share Buyback

(RTTNews) - While reporting its fourth-quarter financial results today, Cooper Tire & Rubber Co. (CTB) said its chairman and chief executive officer Roy Armes intends to retire effective August 31, 2016.

Consistent with the company's succession plan, the company's board of directors plans to elect Bradley Hughes as President and CEO effective upon Armes' retirement, and he is also expected to join the board of directors at that time.

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 Capo is expected to become non-executive chairman of the board effective upon Armes' retirement.

Armes joined Cooper in 2007 as CEO and President and was appointed chairman approximately one year later.

In a separate statement, Cooper Tire said its board of directors has extended and increased its share repurchase program by authorizing the repurchase of up to $200 million of the company's outstanding common stock through December 31, 2017.

The company noted that the $200 million authorization will replace the $74 million remaining on the authorization from February 2015. The increased authorization is approximately 10 percent of the current market capitalization.

Cooper Tire will purchase the shares from time to time based on market conditions and will execute it through open market purchases, privately negotiated purchases, and other means.