Tenneco Names Wambold Prez of Tenneco Packaging

9 June 1999

Richard Wambold Moves Up The Ladder

    GREENWICH, Conn.--June 9, 1999--Tenneco today announced that Richard L. Wambold, executive vice president and general manager of Tenneco Packaging, has been named president of Tenneco's nearly $3 billion packaging business.
    "Richard brings to his new position a solid record of success, including the acquisition and integration of new businesses, product innovation and earnings growth," said Dana G. Mead, Tenneco chairman and chief executive officer. "He has a demonstrated track record of creating growth, turning in strong results, and developing shareowner value. We are confident that he will continue to lead Tenneco Packaging to new growth, profitability and shareowner value."
    Wambold, 47, has directed all aspects of the company's specialty and consumer products businesses as executive vice president and general manager of the packaging company. Tenneco's specialty packaging business has grown from $555 million in sales in 1995 to $2.8 billion in 1998. The business is on track to post sales of $3 billion in 1999.
    Tenneco announced April 29 the separation of its automotive and packaging businesses into two independent companies. The transaction will involve a spinoff to Tenneco shareowners, creating a new packaging company and an automotive parts company with expected 1999 sales of $3 billion and $3.2 billion, respectively. The action will effectively complete the final phase of restructuring Tenneco announced in 1998 and the corporate transformation started in 1992.
    When the separation occurs, the new packaging business will be among the most diversified and profitable specialty packaging companies in the world, making and selling products for the foodservice, consumer, protective, flexible, and institutional/industrial markets. "The new company will be financially strong and growing with an array of products, strong brands, leading market positions and a global presence," Mead said.
    With leading consumer brand names and market positions with its Hefty(R), Baggies(R), OneZip(R), E-Z Foil(R) and other consumer products, the new company will "strategically expand worldwide and target international markets with high growth potential," he said.
    Wambold joined Tenneco in 1977 and Tenneco Packaging in 1994. He became executive vice president of specialty and consumer packaging in May 1997, after three years as senior vice president and general manager of specialty products. He previously was executive vice president of Tenneco's Case Corporation construction equipment and worldwide parts business. Prior to that he held numerous positions of increasing responsibility with Tenneco, including vice president of corporate planning and development before joining Case in 1988.
    Wambold earned a bachelor's degree in government in 1974 and a master's degree in business administration in 1977 from the University of Texas in Austin.
    Until the separation of its businesses, Tenneco is a $6 billion manufacturing company headquartered in Greenwich, Conn., with 40,000 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) 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. Tenneco Packaging is among the world's leading and most diversified packaging companies. Among its products are Hefty(R) trash bags, Hefty OneZip(R) and Baggies(R) food storage bags, E-Z Foil(R) single-use aluminum cookware and Hexacomb(R) paper honeycomb products.