LAKE FOREST, ILLINOIS, January 13, 2004 - Tenneco Automotive (NYSE:TEN) announced today that Paul D. Novas has been named vice president of finance and administration for the company's European operations. Novas will also continue in his current role as corporate treasurer. The appointment to this newly created position is effective immediately.
In his new role, Novas will oversee all finance, tax and shared service operations for Tenneco Automotive's European businesses, which operate in Eastern and Western Europe and also include the company's South Africa operations. In 2002, Tenneco Automotive Europe businesses accounted for 35 percent of the corporation's worldwide revenues.
"I am very pleased to announce Paul's new appointment and look forward to the broad range of experience and strong execution capabilities that he will bring to our finance, tax and shared service operations in Europe," said Mark P. Frissora, chairman and CEO, Tenneco Automotive. "It has become increasingly evident that we should have a position of this nature in Europe given the growing complexity of our businesses across the region and our rapid expansion into Eastern Europe."
Mr. Novas was named vice president and corporate treasurer in 1999, responsible for the company's treasury, corporate finance, insurance and investment functions worldwide. As treasurer, he has helped ensure Tenneco Automotive's continued liquidity and financial flexibility since becoming a stand-alone entity in November 1999. His many accomplishments in his most recent assignment include developing and implementing low-cost funding structures for Tenneco Automotive and leading the negotiations for the recently completed refinancing of the company's senior debt.
Mr. Novas joined Tenneco Inc. in 1996 as assistant treasurer, responsible for corporate finance and North American treasury activities. He played an integral role in executing the financial transactions leading to the separation of Tenneco's energy and shipbuilding businesses in 1996 and the separation of the packaging and automotive businesses in 1999. Prior to joining Tenneco Inc., Mr. Novas was with General Motors for 10 years, working in the company's New York treasury office.
Paul Novas is on the company's senior management team and will report to Hari Nair, executive vice president and managing director, Europe and Ken Trammell, senior vice president and chief financial officer. He will relocate to the company's European headquarters in Brussels, Belgium.
Mr. Novas, 45, holds a B.S. degree in mechanical engineering and a B.A. degree in economics from Cornell University and a MBA degree from the University of Chicago.
Tenneco Automotive is a $3.5 billion manufacturing company with headquarters in Lake Forest, Illinois and approximately 19,600 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® and Walker® global brand names. Among its products are Sensa-Trac® and Monroe Reflex® shocks and struts, Rancho® shock absorbers, Walker® Quiet-Flow® mufflers and DynoMax® performance exhaust products, and Monroe® Clevite® vibration control components.
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