Tenneco Announces Changes To Finance Organization
November 18, 2019
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.
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.
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.
SOURCE Tenneco Inc.