Tenneco Inc. (ticker: TEN, exchange: New York Stock Exchange)
February 5, 2020
TENNECO APPOINTS CHUCK STEVENS III TO BOARD OF DIRECTORS
LAKE FOREST, Ill., Feb. 5, 2020 -- Tenneco Inc. (NYSE: TEN) today announced, as part of its ongoing Board refreshment process, the appointment of automotive industry veteran Charles “Chuck” K. Stevens III to its Board of Directors, effective today. Mr. Stevens’ appointment follows the Company’s January 27, 2020 announcement of its commitment to adding at least one new independent director over the course of 2020. The Company intends to continue this refreshment process throughout the year.
With this appointment, the Tenneco Board consists of 11 directors, nine of whom are independent and three of whom have been added since the beginning of 2019.
As the former Chief Financial Officer of General Motors, Mr. Stevens brings significant auto industry experience and expertise across finance and accounting operations, international financial matters and mergers and acquisitions.
“As Tenneco continues its ongoing commitment to add fresh perspectives to the Board, we are extremely pleased to welcome Chuck as an independent director,” said Gregg M. Sherrill, chairman of the Board of Directors. “Chuck brings more than 40 years of experience working at one of the world’s largest auto companies in a variety of roles of increasing responsibility, including CFO. We expect that his skills and expertise will be invaluable as we review strategic alternatives to maximize shareholder value while pursuing our separation plan. We look forward to benefitting from his contributions as we work to achieve our operational and financial objectives.”
“I am excited to join Tenneco during this important time in its history,” said Mr. Stevens. “Tenneco has two world-class businesses that are well-positioned to capitalize on industry trends, and I believe the Company is taking the right steps to achieve its objectives. I look forward to working with my fellow Board members as we continue to oversee management’s execution of Tenneco’s strategy and evaluate the best path forward for the Company to maximize value for all shareholders.”
About Charles "Chuck" K. Stevens III
Chuck Stevens retired as Executive Vice President and Senior Advisor of General Motors Corporation in March 2019, after a 40-year career at the company. From 1994 to 2005, he held several leadership positions in General Motors’ Asia Pacific Region. He returned to North America in 2006 and assumed the role of CFO for General Motors Canada, GM Mexico in 2008 and CFO of GM North America in 2010. In 2014, Mr. Stevens was named Executive Vice President and CFO of General Motors Corporation, where he was responsible for leading the company’s financial and accounting operations worldwide. He served in this position with GM until September 2018. Mr. Stevens has also served as a director on the boards of Masco Corporation since February 2018 and Flex Ltd. since November 2018. He received his Bachelor of Industrial Administration from General Motors Institute (now Kettering University) and an MBA from the University of Michigan, Flint.
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 pro-forma revenue of $17.8 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.
This press release contains forward-looking statements. These forward-looking statements relate to Tenneco Inc.’s (the “Company,” “we,” “us,” or “our”) ongoing review of strategic alternatives and the planned separation of the Company into a powertrain technology company and an aftermarket and ride performance company. The words “may,” “will,” “believe,” “should,” “could,” “plan,” “expect,” “anticipate,” “estimate,” 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 identify and consummate strategic alternatives 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 the Company’s business and stock price as a result of its exploration, review and pursuit of any strategic alternatives; the risk the Company may not complete a separation of its powertrain technology business and its aftermarket and ride performance business (or achieve some or all of the anticipated benefits of the separation); the risk the combined company and each separate company following the separation will underperform relative to expectations; the ongoing transaction costs and risk the Company may incur greater costs following separation of the business; the risk the spin-off is determined to be a taxable transaction; the risk the benefits of the acquisition of Federal-Mogul LLC (“Federal-Mogul”), including synergies, may not be fully realized or may take longer to realize than expected; the risk the acquisition of Federal-Mogul may not advance the Company’s business strategy; the risk the Company may experience difficulty integrating or separating employees or operations; and the risk the transaction may have an adverse effect on existing arrangements with the Company and its subsidiaries, including those related to transition, manufacturing and supply services and tax matters; the Company’s ability to retain and hire key personnel; or the Company’s ability to maintain relationships with customers, suppliers or other business partners. 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, 2018.