LAKE FOREST, Ill., Feb. 5, 2020 /PRNewswire/ -- Tenneco Inc.
(NYSE: TEN) today announced, as part of its ongoing Board
refreshment process, the appointment of automotive industry veteran
Charles "Chuck" K. Stevens III to its Board of Directors,
effective today. Mr. Stevens' appointment follows the Company's
January 27, 2020 announcement of its
commitment to adding at least one new independent director over the
course of 2020. The Company intends to continue this refreshment
process throughout the year.
With this appointment, the Tenneco Board consists of 11
directors, nine of whom are independent and three of whom have been
added since the beginning of 2019.
As the former Chief Financial Officer of General Motors, Mr.
Stevens brings significant auto industry experience and expertise
across finance and accounting operations, international financial
matters and mergers and acquisitions.
"As Tenneco continues its ongoing commitment to add fresh
perspectives to the Board, we are extremely pleased to welcome
Chuck as an independent director," said Gregg M. Sherrill, chairman of the Board of
Directors. "Chuck brings more than 40 years of experience working
at one of the world's largest auto companies in a variety of roles
of increasing responsibility, including CFO. We expect that his
skills and expertise will be invaluable as we review strategic
alternatives to maximize shareholder value while pursuing our
separation plan. We look forward to benefitting from his
contributions as we work to achieve our operational and financial
objectives."
"I am excited to join Tenneco during this important time in its
history," said Mr. Stevens. "Tenneco has two world-class businesses
that are well-positioned to capitalize on industry trends, and I
believe the Company is taking the right steps to achieve its
objectives. I look forward to working with my fellow Board members
as we continue to oversee management's execution of Tenneco's
strategy and evaluate the best path forward for the Company to
maximize value for all shareholders."
About Charles "Chuck" K. Stevens III
Chuck Stevens retired as
Executive Vice President and Senior Advisor of General Motors
Corporation in March 2019, after a
40-year career at the company. From 1994 to 2005, he held several
leadership positions in General Motors' Asia Pacific Region. He
returned to North America in 2006
and assumed the role of CFO for General Motors Canada, GM Mexico in
2008 and CFO of GM North America in 2010. In 2014, Mr. Stevens was
named Executive Vice President and CFO of General Motors
Corporation, where he was responsible for leading the company's
financial and accounting operations worldwide. He served in this
position with GM until September
2018. Mr. Stevens has also served as a director on the
boards of Masco Corporation since February
2018 and Flex Ltd. since November
2018. He received his Bachelor of Industrial Administration
from General Motors Institute (now Kettering
University) and an MBA from the University of Michigan, Flint.
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 pro-forma
revenue of $17.8 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.
Tenneco:
Linae Golla
Investor Inquiries
847 482-5162
lgolla@tenneco.com
or
Bill Dawson
Media Inquiries
847 482-5807
bdawson@tenneco.com
Forward-Looking Statements
This press release contains forward-looking statements. These
forward-looking statements relate to Tenneco Inc.'s (the "Company,"
"we," "us," or "our") ongoing review of strategic alternatives and
the planned separation of the Company into a powertrain technology
company and an aftermarket and ride performance company. The words
"may," "will," "believe," "should," "could," "plan," "expect,"
"anticipate," "estimate," and similar expressions (and variations
thereof), identify these forward-looking statements. These
forward-looking statements are based on the current expectations of
the Company (including its subsidiaries). Because these statements
involve risks and uncertainties, actual results may differ
materially from the expectations expressed in the forward-looking
statements. Important factors that could cause actual results to
differ materially from the expectations reflected in the
forward-looking statements include: the ability to
identify and consummate strategic alternatives that yield
additional value for shareholders; the timing, benefits and outcome
of the Company's strategic review process; the structure, terms and
specific risk and uncertainties associated with any potential
strategic alternative; potential disruptions in the Company's
business and stock price as a result of its exploration, review and
pursuit of any strategic alternatives; the risk the Company may not
complete a separation of its powertrain technology business and its
aftermarket and ride performance business (or achieve some or all
of the anticipated benefits of the separation); the risk the
combined company and each separate company following the separation
will underperform relative to expectations; the ongoing transaction
costs and risk the Company may incur greater costs following
separation of the business; the risk the spin-off is determined to
be a taxable transaction; the risk the benefits of the acquisition
of Federal-Mogul LLC ("Federal-Mogul"), including synergies, may
not be fully realized or may take longer to realize than expected;
the risk the acquisition of Federal-Mogul may not advance the
Company's business strategy; the risk the Company may experience
difficulty integrating or separating employees or operations; and
the risk the transaction may have an adverse effect on existing
arrangements with the Company and its subsidiaries, including those
related to transition, manufacturing and supply services and tax
matters; the Company's ability to retain and hire key personnel; or
the Company's ability to maintain relationships with customers,
suppliers or other business partners. The Company undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances after the date of this press release.
Additional information regarding these risk factors and
uncertainties is, and will be, 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.
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SOURCE Tenneco Inc.