LAKE FOREST, Ill., May 12, 2020 /PRNewswire/ -- Tenneco Inc.
(NYSE: TEN) today announced that its Board of Directors has
appointed Dennis J. Letham, formerly
Lead Independent Director, as its new Chairman. Letham succeeds
Gregg M. Sherrill, who served as
non-executive Chairman of the Board since 2018, and as Chairman for
over 10 years after joining Tenneco in January of 2007 as the
Company's Chief Executive Officer. The appointment is effective
immediately. Sherrill will remain a member of the Board and
announced that he intends to retire prior to next year's annual
meeting of stockholders.
"It's been an honor to serve as Tenneco's Board chair for the
last 13 years," said Sherrill. "I'm confident in our future and in
Dennis' leadership as we continue our commitment to the best
governance practices by refreshing our Board leadership positions
with highly qualified individuals. Dennis has been a member of the
Board since 2007 and for many of those years has served as the
chair of our audit committee. That experience, along with his
appointment earlier this year as Lead Independent Director, marks a
natural progression for Dennis to serve as fully independent Board
Chairman. We are confident that he will help ensure that our
actions and decisions remain focused on the best interests of
shareholders in his new role."
Mr. Letham has significant public company executive experience
from his more than 35-year career, including serving as Executive
Vice President and Chief Financial Officer of Anixter International
Inc. from 1995 until his retirement in 2011. He currently serves as
a director of Extra Space Storage Inc. Mr. Letham has gained a deep
understanding of the operations and complex financials of large
organizations undergoing transitions, making him uniquely qualified
to serve as Chairman of the Board.
In addition, the company announced today that Roy V. Armes has been added to the audit
committee and Aleksandra ("Aleks") A. Miziolek will join the
Board's compensation committee. Following these actions, the
composition of Tenneco's Board committees will be as follows:
- Audit Committee: Thomas C.
Freyman (Chair), Roy V.
Armes, Denise Gray,
Jane L. Warner
- Compensation Committee: James S.
Metcalf (Chair), Thomas C.
Freyman, Denise Gray,
Aleks A. Miziolek, Charles K. Stevens III
- Nominating and Governance Committee: Jane L. Warner (Chair), Roy V. Armes, Aleks A.
Miziolek, Charles K. Stevens
III
"For the last 13 years, Tenneco has been and will continue to be
very fortunate to have Gregg's steady hand and strong voice in the
Board room," said Dennis Letham,
incoming Chairman of the Tenneco Board. "I look forward to
continuing to work with Gregg and the other directors as we
continue to oversee the successful execution of Tenneco's strategic
and financial objectives."
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 2019 revenues of $17.45
billion and approximately 78,000 employees worldwide. On
October 1, 2018, Tenneco completed
the acquisition of Federal-Mogul, a leading global supplier to
original equipment manufacturers and the aftermarket. In the
future, the company expects to separate its divisions to form two
new, independent companies: DRiV, an Aftermarket and Ride
Performance company, and New Tenneco, a Powertrain Technology
company.
Forward-Looking Statements
This release contains
forward-looking statements. These forward-looking statements
include, among others, statements relating to our execution of
objectives and 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 course of the COVID-19 pandemic and its impact on general
economic, business and market conditions, our ability (or
inability) to execute on our plans to respond to the COVID-19
pandemic and our previously announced Accelerate plan and to
realize the anticipated benefits of these actions, our financial
flexibility in addressing the impact of the COVID-19 pandemic, our
ability to maintain compliance with the agreements governing our
indebtedness and otherwise have sufficient liquidity through the
COVID-19 pandemic, 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 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 separation may not be fully realized or may take
longer to realize than expected; the risk that the separation may
not advance Tenneco's business strategy; 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,
2019 and quarterly report on Form 10-Q for the quarter ended
March 31, 2020.
Media
inquiries:
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Investor
inquiries:
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Bill
Dawson
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Linae
Golla
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847-482-5807
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847-482-5162
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bdawson@tenneco.com
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lgolla@tenneco.com
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Rich Kwas
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248-849-1340
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rich.kwas@tenneco.com
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SOURCE Tenneco Inc.