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 and BRUSSELS, Belgium, May 15 Tenneco Automotive
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 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.
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 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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