LAKE FOREST, Ill., July 9, 2020 /PRNewswire/ -- Tenneco Inc.
(NYSE: TEN) announced that its board of directors has appointed
Matti Masanovich as chief financial
officer, effective August 10,
2020. He will succeed interim CFO Ken
Trammell.
Mr. Masanovich brings to Tenneco more than a quarter-century of
global experience in roles with original equipment and aftermarket
automotive companies including a history of driving turnaround
initiatives for private equity sponsors and value creation for
shareholders.
"I am pleased to welcome Matti to Tenneco and look forward to
his business partnership and strong leadership of our global
finance function in his role as CFO," stated Brian Kesseler, Tenneco CEO. "Matti's addition
further strengthens the deep experience of our executive leadership
team. His expertise in leading business and financial
strategy, operations execution and capital allocation planning
enhances our capabilities in delivering on our performance focus of
margin expansion, cash generation and value creation for our
shareholders."
Before joining Tenneco, Masanovich was chief financial officer
of Superior Industries International, Inc., a leading global
supplier of light vehicle aluminum wheels for the original
equipment and aftermarket. Prior to that, he was the senior vice
president and chief financial officer at General Cable Corporation,
a publicly listed global wire and cable solutions manufacturing
company.
"I'm excited to join the team at this important point in the
company's history," said Masanovich. "I've always admired
Tenneco's diverse growth opportunities and look forward to working
with the management team to help the Company achieve its strategic
objectives."
Before joining General Cable Corporation, Masanovich served in
various roles at IAC (International Automotive Components) as VP
& controller, APTIV (formerly Delphi Automotive), an automotive
technology company, including the global vice president of finance,
Packard Electrical and Electronic Architecture Division in
Shanghai, China. His
other automotive supplier experience includes roles at EMCON
Technologies, Dura Automotive, Collins and Aikman and
Federal-Mogul.
"On behalf of the entire Tenneco team, I want to thank
Ken Trammell, our outgoing interim
CFO and longtime Tenneco executive team member, for his leadership
and contributions over the years but especially during the current
market challenges our company and industry are navigating," added
Kesseler. Trammell will remain with the company for a
sufficient time period to help facilitate a smooth transition for
Masanovich.
With effect on the date of his appointment, Tenneco granted Mr.
Masanovich restricted stock units to replace certain compensation
from his former employer that will be foregone, as well as to serve
as a material inducement to his commencing employment with Tenneco
in accordance with NYSE Listing Company Manual Rule 303A.08.
Mr. Masanovich will receive 146,472 restricted stock units, which
will vest 27% on August 10, 2021, 27%
on August 10, 2022 and the remaining
units on August 10, 2023.
Investor inquiries:
Linae
Golla
847-482-5162
lgolla@tenneco.com
Rich Kwas
248-849-1340
rich.kwas@tenneco.com
Media inquiries:
Bill
Dawson
847-482-5807
bdawson@tenneco.com
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SOURCE Tenneco Inc.