Tenneco's top exec departs for leadership spot at Hertz

Tenneco Inc. announced July 11 that Mark P. Frissora, the company's chairman, CEO and president, is leaving to become chief executive officer of Hertz Corporation and a member of the company's board of directors. His resignation from Tenneco is effective July 19.

The Tenneco board of directors has established a search committee to consider both internal and external candidates and anticipates naming a replacement for Frissora within the next several months. In the interim, the board has established an office of the chief executive to assume the responsibilities of the chief executive officer. In addition, Paul T. Stecko, lead director of Tenneco's board of directors, will become non-executive chairman of the board on an interim basis. Stecko has been chairman and CEO of Packaging Corporation of America since 1999 and has served on the Tenneco board since 1998.

The office of the chief executive will be comprised of Timothy R. Donovan, executive vice-president, strategy and business development and general counsel; Hari N. Nair, executive vice president and managing director, Europe, South America and India; Kenneth R. Trammell, executive vice president and chief financial officer; and Neal Yanos, senior vice president and general manager, North American original equipment ride control and aftermarket.

"I am very proud of what the Tenneco team has achieved since becoming a stand-alone company in 1999. This experienced and cohesive management team has successfully led Tenneco to become one of the best performing companies in the auto supply sector," said Frissora. "Tenneco has the right strategies in place to continue winning new business and growing the top-line while maintaining a culture of continuous improvement and operational excellence."

"On behalf of the Tenneco Board of Directors, I thank Mark for his contributions and outstanding leadership over the years," said Stecko. "Mark leaves a much stronger company - financially and operationally - since assuming leadership in 1999. We're disappointed with his departure but certainly appreciate his desire to pursue this opportunity. Tenneco has a strong senior management team and I am confident that the transition to new leadership will proceed smoothly."

Tenneco is a $4.4 billion manufacturing company with headquarters in Lake Forest, Ill., and approximately 19,000 employees worldwide. Tenneco is one of the world's largest designers, manufacturers and marketers of emission control and ride control products and systems for the automotive original equipment market and the aftermarket.