Tenneco names new leadership

Tenneco Inc. said its board of directors has selected Brian J. Kesseler and Roger J. Wood as the chief executive officers of the aftermarket and ride performance company and powertrain technology company, respectively, the two new independent, publicly traded companies, which will be established in the second half of 2019.

Immediately upon closing of the Federal-Mogul acquisition, and prior to separation, Kesseler and Wood will serve as co-CEOs of Tenneco Inc., leading their respective businesses, while preparing each to become a stand-alone entity and helping facilitate a smooth spin off. During this period, both CEOs will report to the Tenneco board of directors. The appointments of Kesseler and Wood are dependent on Tenneco closing the acquisition of Federal-Mogul and separation of the business through a tax-free spin off, which were announced on April 10, 2018.

Kesseler, Tenneco's current CEO will become chairman and CEO of the aftermarket and ride performance company, which will be headquartered in Lake Forest.

Kesseler has been serving as Tenneco CEO since May 2017, having joined the company as chief operating officer in 2015. Prior to Tenneco, he was president of Johnson Controls Power Solutions, a business largely focused on the aftermarket.

Wood will become chairman and CEO of the new powertrain technology company, which will be headquartered in the Detroit, Michigan area. He currently serves as executive chairman of Fallbrook Technologies, an industrial innovation company. Wood retired in 2015 as Dana Holding Corp. president and CEO, a position he had held since joining Dana in 2011. Wood serves on the Tenneco board of directors and is a member of the Brunswick Corporation board of directors.

The acquisition is expected to close in the second half of 2018, subject to regulatory and shareholder approvals and other customary closing conditions. The separation is expected to occur in the second half of 2019.