Tenneco Automotive Announces Third Quarter Dividend; Elects Two New Directors
LAKE FOREST, Ill.--(BUSINESS WIRE)--July 11, 2000--Tenneco Automotive's board of directors today declared a regular third quarter dividend of 5 cents per share on its common stock. The dividend is payable on September 12, 2000 to stockholders of record at the close of business on August 25, 2000.
Tenneco Automotive also announced that Frank E. Macher and Dennis G. Severance have been elected to the company's board of directors. Dana G. Mead, who retired as the chairman of Tenneco Automotive's board in March, is retiring from the board.
"We are most appreciative of Dana Mead's support in helping position Tenneco Automotive for a successful future," said Mark Frissora, chairman and CEO, Tenneco Automotive. "We also are extremely pleased to have the outstanding industry and technical experience that Frank Macher and Dennis Severance bring to the board. We look forward to their leadership as we grow our global transportation business."
Frank Macher was president and CEO of ITT Automotive from June 1997 until January 1999. Prior to joining ITT, Mr. Macher had a distinguished 30-year career with the Ford Motor Company, serving most recently as vice president and general manager of the automotive components division until his retirement in 1996. Mr. Macher was a member of "Ford 2000," the company's reorganization task force, and participated in the global restructuring of the corporation.
Dennis Severance is the Andersen Consulting Professor of Computer and Information Systems at the University of Michigan Business School, where he has served as the chairman of the computer and information systems faculty. Prior to joining the University of Michigan faculty in 1978, Mr. Severance held associate and assistant professor positions at the University of Minnesota and Cornell University respectively. He lectures throughout the world and is an information systems consultant to large corporations.
Tenneco Automotive is a $3.3 billion manufacturing company headquartered in Lake Forest, Ill., with 24,000 employees worldwide. Tenneco Automotive is one of the world's largest producers and marketers of ride control and exhaust systems and products, which are sold under the Monroe(R) and Walker (R) global brand names. Among its products are Sensa-Trac(R) and Reflex (R) shocks and struts, Rancho(R) shock absorbers, Walker(R) Quiet-Flow(TM) mufflers and DynoMax(TM) performance exhaust products, and Monroe(R) Clevite(TM) vibration control components.
CONTACT: Tenneco Automotive, Media relations
Jane Ostrander, 847/482-5607
Tenneco Automotive, Investor relations
Leslie Cleveland Hague, 847/482-5042