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Exhibit 99.1
For immediate release
Contacts: Jane Ostrander
Media Relations
847 482-5607
Leslie Cleveland Hague
Investor Relations
847 482-5042
TENNECO AUTOMOTIVE ANNOUNCES KEY EXECUTIVE CHANGES
- - RICHARD J. SLOAN RETIRES AFTER STABILIZING AND IMPROVING THE COMPANY'S
EUROPEAN OPERATIONS;
- - HARI N. NAIR PROMOTED TO EUROPEAN LEADERSHIP POSITION;
- - TIMOTHY R. DONOVAN NAMED MANAGING DIRECTOR FOR THE COMPANY'S INTERNATIONAL
GROUP.
CHICAGO, BRUSSELS, May 15, 2001 - Tenneco Automotive (NYSE: TEN) announced today
that Richard J. Sloan, 62, executive vice president and managing director of the
company's European operations, has elected to retire, effective June 15, 2001.
Hari N. Nair, 41, currently senior vice president and managing director, Tenneco
Automotive International Group, will succeed Sloan as executive vice president
and managing director of the European business unit.
"Dick has been a valuable member of our leadership team," said Mark P. Frissora,
chairman and CEO of Tenneco Automotive. "He did a great job strengthening our
European operations within a very short period of time. While we will miss him,
we wish him well in his retirement."
Sloan, a 37-year industry veteran, joined Tenneco Automotive in October 1999 to
run its European operations. In less than 18 months, Sloan completed
restructuring activities, and
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created a management team - including filling several key positions - with a
renewed strategic focus on strengthening profitability. First quarter 2001
revenues and earnings (before interest and taxes) were up 19 percent and 33
percent, respectively, versus the same period one year ago.
Hari Nair joined Tenneco in 1987, and has spent the last two years improving the
company's emerging markets operations in Asia and South America. During his
tenure, he grew revenue 40 percent, strengthened operating results for the
business unit, and expanded business in Brazil, China, and India. In December
2000, he was given additional responsibility for Tenneco Automotive's Japanese
original equipment business worldwide, which combined with the emerging markets
now makes up the International business group.
Timothy R. Donovan, 45, senior vice president and general counsel, will replace
Nair as managing director of the International Group. He was instrumental in
negotiating the company's strategic alliance with Futaba Industrial Co. Ltd.,
Japan's leading exhaust supplier. He is a board member for the joint venture
established between Futaba and Tenneco Automotive, and is a member of the global
steering committee for the Tenneco and Futaba alliance.
"Hari has strengthened our International Group operations, and I am confident
that he will have equal success in leading our European business unit. He leaves
behind a powerful management team that, under the leadership of Tim Donovan,
should continue to grow our operations in these key markets," Frissora said.
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Reporting to Donovan will be Jeff Jarrell, vice president, responsible for the
global management of all Japanese original equipment programs across the
company's business units; and Jim Rich, who is promoted to vice president,
emerging markets with full operational responsibility for the company's original
equipment and aftermarket operations in South America and Asia. Rich previously
served as vice president for international aftermarket. Donovan will continue in
his role as general counsel with the company's legal and environmental, health
and safety staffs reporting to him.
Tenneco Automotive is a $3.5 billion manufacturing company headquartered in Lake
Forest, Ill., with 23,000 employees worldwide. Tenneco Automotive is one of the
world's largest producers and marketers of ride control and exhaust systems and
products, which are sold under the Monroe(R) and Walker (R) global brand names.
Among its products are Sensa-Trac(R) and Reflex(TM) shocks and struts, Rancho(R)
shock absorbers, Walker(R) Quiet-Flow(TM) mufflers and DynoMax(TM) performance
exhaust products, and Monroe(R) Clevite(TM) vibration control components.
TIMOTHY R. DONOVAN, senior vice president and general counsel, is responsible
for the legal aspects of the company's global business activities including
negotiating and implementing joint ventures, acquisitions and divestitures, and
other strategic agreements, litigation, customer and supplier relationships, and
financial transactions. As a member of Tenneco Automotive's senior management
team, he is involved in all aspects of the company's business and operational
strategy. Prior to joining Tenneco Automotive in 1999, he was a partner and
chairman of the corporate and securities group at the law firm of Jenner &
Block, where he also served as a member of the firm's executive and finance
committees. Donovan has advised Fortune 500 clients on a broad range of business
and legal issues. Beginning in 1996, he was the principal outside corporate
counsel to Tenneco, representing and advising the company with respect to
corporate and securities matters, including transactions such as spin-offs,
asset and stock acquisitions/divestitures, public equity and debt offerings and
other financing transactions.
HARI N. NAIR, senior vice president and managing director, International Group,
has full operational responsibility for the company's original equipment and
aftermarket operations in South America and Asia. Prior to assuming this
position in December 2000, Nair was vice
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president and managing director, South America and Asia, where he was successful
in expanding business in key emerging markets. Previously, Nair was the managing
director for Tenneco Automotive Asia, based in Singapore and responsible for all
operations and development projects in Asia. He began his career with Tenneco
Inc. in 1987, holding various positions in strategic planning, marketing,
business development, and finance. In 1992 he was named director, total quality
management system for Tenneco Automotive, and later named director of
international business development. Prior to joining Tenneco, Nair was a senior
financial analyst at General Motors focusing on European operations.
RICHARD J. SLOAN, executive vice president and managing director, Europe, joined
Tenneco Automotive in 1999. He directs both original equipment and aftermarket
activities for the company's European operations. Prior to joining Tenneco
Automotive, Sloan had an 18-year career with UT Automotive, most recently
serving as the worldwide president of the company's automotive interior
division. He held a variety of other senior management positions including
president of United Technologies Automotive of Europe; president of the hose,
fittings and industrial products group; vice president and CFO for the
engineered systems division; and vice president of operations for the automotive
products division. Prior to joining UT Automotive, Sloan held senior positions
with Chrysler Corporation.
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