Mark Schmitz, the former financial chief at Tyco's fire and safety, part of the conglomerate Tyco, has been named as the executive vice president and chief financial officer of Goodyear Tire & Rubber Co.

Schmitz, 56 has taken over for Richard Kramer, who was named president of Goodyear's North American Tire business in March.

Tyco made international headlines in 2004 when former chairman and chief executive Dennis Kozlowski and former chief financial officer Mark H. Swartz, were accused of the theft of £300m from the company.

In June 2005, after a retrial, Kozlowski and Swartz were convicted on all but one of the more than 30 counts against them.

Further reading:

PwC pays out $225m to settle Tyco case

PwC settles Tyco case

Tyco hands over PwC claim as it settles for $3bn