LAKE FOREST, Ill., Nov. 18, 2019 /PRNewswire/ -- Tenneco Inc. (NYSE:
TEN) today announced that Executive Vice President of Finance
Ron Hundzinski will leave Tenneco at
the end of the year to take a Chief Financial Officer role at a
large multinational, public automotive company.
As of Jan. 1, current new Tenneco
Vice President of Investor Relations Rich Kwas will step in as
interim head of Finance for the Clean Air and Powertrain businesses
while the company conducts a search for a new Finance leader.
Hundzinski will work closely with Kwas and the finance leaders of
both the Powertrain and Clean Air organizations to ensure a smooth
transition.
"Ron has instilled financial discipline and put processes in
place that are systemic and will allow Rich and the Finance
organization to focus on achieving our operational goals," said
Roger Wood co-CEO of Tenneco. "We
are continuing to make sustained progress on building the
foundation for meeting our financial goals going forward."
Rich joined Tenneco in March of this year to lead Investor
Relations for the new Tenneco and brings a wealth of financial
experience, particularly as a sell-side analyst for leading
investment firms, including Wells Fargo Securities and Bank of
America Securities.
Jason Hollar continues to serve
as Executive Vice President and Chief Financial Officer of Tenneco
until the separation of DRiV and the new Tenneco, and is expected
to serve as the Executive Vice President and Chief Financial
Officer of DRiV.
About Tenneco
Headquartered in Lake Forest, Illinois, Tenneco is one of the
world's leading designers, manufacturers and marketers of
Aftermarket, Ride Performance, Clean Air and Powertrain products
and technology solutions for diversified markets, including light
vehicle, commercial truck, off-highway, industrial and the
aftermarket, with 2018 revenues of $11.8
billion and approximately 81,000 employees worldwide. On
October 1, 2018, Tenneco completed
the acquisition of Federal-Mogul, a leading global supplier to
original equipment manufacturers and the aftermarket.
Additionally, the company expects to separate its businesses to
form two independent companies, an Aftermarket and Ride Performance
company as well as a Powertrain Technology company.
About the new Tenneco - the future Powertrain Technology
company
Following Tenneco's expected separation to form two
new, independent companies, an Aftermarket and Ride Performance
company (DRiV™), as well as a new Powertrain Technology company,
the new Tenneco will be one of the world's largest pure-play
powertrain companies serving OE markets worldwide with engineered
solutions addressing fuel economy, power output, and criteria
pollution requirements for gasoline, diesel and electrified
powertrains. The new Tenneco would have 2018 pro-forma revenues of
$11.4 billion, serving light vehicle,
commercial truck, off-highway and industrial markets.
Safe Harbor
This release contains forward-looking
statements. These forward-looking statements include, among others,
statements relating to our plans to separate into two independent
companies. Forward-looking statements are subject to a number
of risks and uncertainties that could cause actual results to
materially differ from those described in the forward-looking
statements, including the possibility that Tenneco may not complete
the separation of the Aftermarket & Ride Performance business
from the Powertrain Technology business (or achieve some or all of
the anticipated benefits of such a separation); the possibility
that the acquisition of Federal-Mogul or the separation may have an
adverse impact on existing arrangements with Tenneco, including
those related to transition, manufacturing and supply services and
tax matters; the ability to retain and hire key personnel and
maintain relationships with customers, suppliers or other business
partners; the risk that the benefits of the acquisition of
Federal-Mogul or the separation, including synergies, may not be
fully realized or may take longer to realize than expected; the
risk that the acquisition of Federal-Mogul or the separation may
not advance Tenneco's business strategy; the risk that Tenneco may
experience difficulty integrating all employees or operations; the
potential diversion of Tenneco management's attention resulting
from the separation; as well as the risk factors and cautionary
statements included in Tenneco's periodic and current reports
(Forms 10-K, 10-Q and 8-K) filed from time to time with the SEC.
Given these risks and uncertainties, investors should not place
undue reliance on forward-looking statements as a prediction of
actual results. Unless otherwise indicated, the forward-looking
statements in this release are made as of the date of this
communication, and, except as required by law, Tenneco does not
undertake any obligation, and disclaims any obligation, to publicly
disclose revisions or updates to any forward-looking statements.
Additional information regarding these risk factors and
uncertainties is detailed from time to time in the company's SEC
filings, including but not limited to its annual report on Form
10-K for the year ended December 31,
2018.
Investor
inquiries:
|
Media
inquiries:
|
|
|
Rich Kwas
|
Steve Blow
|
248-849-1340
|
517-262-0655
|
rich.kwas@tenneco.com
|
sblow@tenneco.com
|
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SOURCE Tenneco Inc.