EXHIBIT 99
NEWS RELEASE (TENNECO LOGO)
Contacts: Jane Ostrander
Media Relations
847 482-5607
jostrander@tenneco.com
Leslie Hunziker
Investor Relations
847 482-5042
lhunziker@tenneco.com
TENNECO ANNOUNCES CEO DEPARTURE
BOARD OF DIRECTORS ESTABLISHES INTERIM OFFICE OF THE CHIEF EXECUTIVE
Lake Forest, Illinois, July 11, 2006 -- Tenneco Inc. (NYSE: TEN) announced today
that Mark P. Frissora, chairman, CEO and president, is leaving Tenneco 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, 2006.
The Tenneco Board of Directors has established a search committee to consider
both internal and external candidates and anticipates naming a replacement for
Mark 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. Mr. Stecko has been Chairman and CEO of Packaging Corporation
of country-regionplaceAmerica 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 Trammell, executive vice president and chief
financial officer; and Neal R. 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 Mark P. 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 Paul 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 opporutnity. Tenneco has a strong senior
management team and I am confident that the transition to new leadership will
proceed smoothly."
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INTERIM OFFICE OF THE CHIEF EXECUTIVE:
TIMOTHY R. DONOVAN, executive vice president, is responsible for Tenneco's
strategic planning and business development activities including potential new
joint ventures, strategic alliances, market expansion and acquisitions. He also
serves as the company's general counsel and is a member of Tenneco's Board of
Directors.
HARI N. NAIR, executive vice president, is responsible for all aspects of the
company's original equipment and aftermarket businesses in Europe, South America
and India. He also has previous experience in managing Tenneco's Asian
operations.
KENNETH R. TRAMMELL, executive vice president and chief financial officer, is
responsible for Tenneco's financial planning and analysis; accounting and
reporting; and all tax, treasury and investor relations functions.
NEAL YANOS, senior vice president, is responsible for all aspects of the
original equipment ride control and aftermarket businesses in North America
including manufacturing, engineering, sales/marketing, finance and strategic
planning, and business development.
The company will hold a conference call with investors on Thursday, July 13,
2006 at 9:00 a.m. CDT to discuss this leadership change. The dial-in number is
888-790-1408 (domestic) or 1-773-756-0157 (international). The pass code is
TENNECO.
Tenneco is a $4.4 billion manufacturing company with headquarters in Lake
Forest, Illinois 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. Tenneco markets its products principally under the
Monroe(R), Walker(R), Gillet(R) and Clevite(R)Elastomer brand names. Among its
products are Sensa-Trac(R) and Monroe Reflex(R) shocks and struts, Rancho(R)
shock absorbers, Walker(R) Quiet-Flow(R) mufflers, Dynomax(R) performance
exhaust products, and Clevite(R)Elastomer noise, vibration and harshness control
components.
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