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Tenneco Announces Organizational Changes

Stocks in this article: TEN

Tenneco Inc. (NYSE: TEN) today announced organizational changes that will align its businesses along product lines to support the company’s plans for revenue and earnings growth and its longer-term strategic vision. The company has established a Clean Air division, which includes Tenneco’s emissions control businesses, and a Ride Performance division, comprised of its ride control businesses.

These organizational shifts will help drive greater integration across regions and a more focused strategic approach for each product line, all designed to further drive growth and profit improvement opportunities unique to each business.

Neal Yanos, executive vice president, has been appointed to lead the Clean Air division and Josep Fornos, executive vice president, will lead the Ride Performance division. The appointments are effective immediately and both divisions will report to Hari Nair, chief operating officer. The South America, India and Asia Pacific regions will align strategically with the Clean Air and Ride Performance divisions and report operationally to Nair.

“Today’s announcement brings even greater focus on our product lines as we continue to execute distinct strategies for each business and drive profitable growth,” said Gregg Sherrill, chairman and CEO, Tenneco. “In Clean Air, Tenneco is well-positioned to build on our current light and commercial vehicle success and increase our focus on a broad range of regulatory-driven opportunities in other industries. I am equally excited about Ride Performance as we take a strategic approach that will unleash new opportunities by leveraging product cost and functionality leadership, commercializing advanced technologies and continuing to build on our leading aftermarket positions with our powerful brands.”

In line with the organizational changes announced today, the company’s financial reporting segments will change as noted in the attachments. Tenneco’s new reporting segments will now be comprised of the three current geographical segments split along product lines. The six new reporting segments are Clean Air North America; Clean Air Europe, South America and India; Clean Air Asia Pacific; Ride Performance North America; Ride Performance Europe, South America and India; and Ride Performance Asia Pacific.

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