LAKE FOREST, Ill., March 18, 2020 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) today announced that Kenneth R. Trammell has been appointed to the role of interim Chief Financial Officer, effective April 1, 2020. Mr. Trammell's appointment follows Jason Hollar's decision to leave the role of Executive Vice President and Chief Financial Officer in order to accept an equivalent role at a Fortune 100 company.
Tenneco is conducting a search to identify a permanent replacement for the position of Chief Financial Officer with the assistance of a nationally recognized executive search firm.
"We are pleased to welcome Ken back to the Tenneco team and are confident that his past experience and relationships will ensure a seamless transition," said Brian Kesseler, Tenneco CEO. "With his significant financial experience and deep strategic planning expertise, we are confident Ken will successfully guide our finance team as we continue to execute our Accelerate program and deliver on our targets. As Tenneco's previous CFO for many years, Ken was instrumental in navigating the company through key points in its history, including through transformational change and a variety of challenging market conditions. He knows our company, the automotive industry and the investment community well and we expect that he will hit the ground running while we work to identify the right leader of our financial function for the future."
Mr. Kesseler added, "On behalf of the Board and management team, I want to thank Jason for his contributions to Tenneco including his work to help lead the Federal-Mogul acquisition and integration. We wish him success in his new position."
"I am excited to rejoin Tenneco at this important point in the Company's history and help ensure a smooth transition to the next leader of its finance team," said Mr. Trammell. "I spent a large portion of my career with Tenneco, and have always believed in the potential of this company. I look forward to working with the entire management team to help Tenneco continue to execute and achieve its strategic objectives."
"It has been a privilege to work with the talented team at Tenneco," said Mr. Hollar. "Tenneco has two leading divisions in DRiV and New Tenneco that are well-positioned to capitalize on industry trends, and I am confident in this team's ability to continue to successfully execute the Company's strategy to capture the significant opportunities ahead."
About Kenneth R. Trammell
Mr. Trammell previously served as chief financial officer of Tenneco Inc. from 2003 to 2018. Prior to that position, he held a number of finance roles at the Company, where he was responsible for financial and operational accounting, financial reporting, planning and analysis and all audit functions. He joined Tenneco in 1996 as assistant controller and was promoted to corporate controller the following year and served as vice president and controller, beginning in November 1999.
In connection with Mr. Trammell's appointment as Chief Financial Officer, Tenneco granted Mr. Trammell restricted stock units as a material inducement to his commencing employment with Tenneco in accordance with NYSE Listing Company Manual Rule 303A.08. Effective April 1, 2020, Mr. Trammell will receive restricted stock units with a value of $500,000 (the number of shares to be determined based on the volume weighted average price of Tenneco's class A voting common stock for the 10 days ending prior to April 1). The restricted stock units will vest upon the earlier of (i) August 14, 2020 and (ii) the date on which Tenneco appoints a successor Chief Financial Officer (provided Mr. Trammell is an employee of Tenneco or its subsidiaries as of such date).
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. Additionally, 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.
This press release contains forward-looking statements. These forward-looking statements relate to Tenneco Inc.'s (the "Company," "we," "us," or "our") ongoing strategies, including the Accelerate program, delivery of financial targets and the planned separation into a powertrain technology company and an aftermarket and ride performance company. The words "will," "continue to," "plan" and similar expressions (and variations thereof), identify these forward-looking statements. These forward-looking statements are based on the current expectations of the Company (including its subsidiaries). Because these statements involve risks and uncertainties, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that could cause actual results to differ materially from the expectations reflected in the forward-looking statements include: the ability to successfully execute cost reduction and other performance improvement plans, including the Accelerate program, and to realize the anticipated benefits from these plans; the ability to identify and consummate strategies that yield additional value for shareholders; the timing, benefits and outcome of the Company's strategic review process; the structure, terms and specific risk and uncertainties associated with any potential strategic alternative; potential disruptions in our business and stock price as a result of our exploration, review and pursuit of any strategic alternatives; the risk that the company may not complete a separation of its powertrain technology business and its aftermarket and ride performance business; the risk that the combined company and each separate company following the separation will underperform relative to our expectations; the ongoing transaction costs and risk that we may incur greater costs following the separation of the businesses; the risk the spin-off is determined to be a taxable transaction; the risk the benefits of the separation may not be fully realized or may take longer to realize than expected; the risk the separation may not advance our business strategy; and the risk the transaction may have an adverse effect on existing arrangements with us, including those related to transition, manufacturing and supply services and tax matters; our ability to retain and hire key personnel; or our ability to maintain relationships with customers, suppliers or other business partners. The risks included here are not exhaustive. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release. Additional information regarding these risk factors and uncertainties is, and will be, 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.
SOURCE Tenneco Inc.