Tenneco Inc. (ticker: TEN, exchange: New York Stock Exchange)
November 12, 2018
RON HUNDZINSKI TO JOIN TENNECO AS EXECUTIVE VICE PRESIDENT, FINANCE
Lake Forest, Illinois, November 12, 2018 – Tenneco Inc. (NYSE: TEN) announced today the appointment of Ron Hundzinski as Executive Vice President of Finance, effective January 1, 2019. Hundzinski will report to Roger Wood, Tenneco co-CEO. Hundzinski recently announced his retirement as Chief Financial Officer for BorgWarner Inc. effective December 31, 2018. BorgWarner is a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles.
Upon completion of all required steps and related board approvals to spin off the new aftermarket ride performance company (the “SpinCo”) in 2019, it is expected that Hundzinski will serve as the Executive Vice President and Chief Financial Officer of Tenneco.
“I’m very pleased to welcome Ron to Tenneco,” said Wood. “His financial expertise, leadership skills, and deep experience in the powertrain industry will bring a unique and valuable perspective to our management team. I’m excited to work together with Ron as we combine Tenneco’s Clean Air business with the recently acquired Federal-Mogul Powertrain businesses into a new company committed to making the world’s engines cleaner and more efficient.”
Hundzinski has served as Chief Financial Officer and Executive Vice President of BorgWarner Inc. since 2012. During his 13-year career with BorgWarner, he held a range of finance leadership positions including treasurer, principal accounting officer, and vice president of finance for the BorgWarner Turbo Systems business.
Prior to joining BorgWarner, Hundzinski held leadership positions in finance at Emerson Electric, GKN and Meridian Automotive. He has been an Independent Director of Gentherm Incorporated since 2016. He holds a Bachelor's Degree in finance from Western Michigan University and an MBA from the University of Colorado–Boulder.
Jason Hollar will continue to serve as Executive Vice President and Chief Financial Officer of Tenneco until the spinoff and is expected to serve as the Executive Vice President and Chief Financial Officer of the SpinCo.
Headquartered in Lake Forest, Illinois, Tenneco is one of the world’s leading designers, manufacturers and marketers of Ride Performance and Clean Air products and technology solutions for diversified markets, including light vehicle, commercial truck, off-highway equipment and the aftermarket, with 2017 revenues of $9.3 billion and approximately 32,000 employees worldwide.
On October 1, 2018, Tenneco completed the acquisition of Federal-Mogul, a leading global supplier to original equipment manufacturers and the aftermarket with nearly 55,000 employees globally and 2017 revenues of $7.8 billion. Additionally, the company expects to separate its businesses to form two new, independent companies, an Aftermarket and Ride Performance company as well as a new Powertrain Technology company, in late 2019.
About the Future Powertrain Technology Company
Following the separation, the powertrain technology company 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 powertrain technology company would have 2017 pro-forma revenues of $10.7 billion, serving light vehicle, commercial truck, off-highway and industrial markets.
About the Future Aftermarket and Ride Performance Company
Following the separation, the aftermarket and ride performance company will be one of the largest global multi-line, multi-brand aftermarket companies, and one of the largest global OE ride performance and braking companies. The aftermarket and ride performance company’s principal product brands will feature Monroe®, Walker®, Clevite®Elastomers, MOOG®, Fel-Pro®, Wagner®, Champion® and others. The Aftermarket and Ride Performance company would have 2017 pro-forma revenues of $6.4 billion, with 57% of those revenues from aftermarket and 43% from original equipment customers.
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