Goodyear Launches Review, Names Elliott-Backed Directors (2)

Goodyear Tire & Rubber Co. said it will appoint new board members and launch a review of its business as part of a settlement with activist Elliott Investment Management.

The Akron, Ohio-based manufacturer is setting up a board committee to oversee a review of strategic and operational alternatives to maximize shareholder value, it said in a statement Tuesday. Evercore Inc., Lazard Ltd. and Goldman Sachs Group Inc. are serving as financial advisers to Goodyear.

The review could result in transactions including asset sales, according to people with knowledge of the matter who asked not to be identified discussing ...