Jeff Stafeil
to join company upon close of Tenneco's acquisition
SKOKIE
Ill., Oct. 31, 2022 /PRNewswire/ -- Tenneco Inc.
(NYSE: TEN) announces the expected appointment of Jeff Stafeil as Executive Vice President and
Chief Financial Officer, contingent upon the close of the
transaction. Mr. Stafeil will replace Matti Masanovich, who will depart as Tenneco's
CFO upon consummation of the transaction.
"I want to thank Matti Masanovich
for the significant contributions made as CFO and as a member of
Tenneco's senior executive team," said Jim
Voss, who will join Tenneco as the company's Chief Executive
Officer at the close of the acquisition. "His leadership helped the
company navigate through an unprecedented business environment in
the near term, while successfully advancing the company's long-term
strategies."
"I am also very pleased to welcome Jeff to Tenneco," added Voss.
"The company's executive leadership team and our global finance
group will benefit from his strong automotive industry experience
and his deep background leading finance functions with a sharp
focus on creating value for stakeholders."
Stafeil will join Tenneco from Adient PLC, a leading global OE
supplier of automotive seating components and systems. He has three
decades of global leadership and financial management experience,
working mainly with global automotive suppliers, public companies
and private equity firms, and business consultancies.
Since 2016, Stafeil served as Adient's executive vice president
and chief financial officer, responsible for all financial
activities including treasury, tax and audit as well as information
technology. Prior to that, he worked at global automotive
electronics supplier Visteon, where he was executive vice president
and chief financial officer. Stafeil also has held a series of
domestic and international executive finance roles within the
automotive sector. He also held management positions at Booz Allen
Hamilton, Peterson Consulting and Ernst & Young.
"I'm excited to join the team at this critical time for our
company and for the automotive industry," said Jeff Stafeil. "Tenneco has a range of value
creation opportunities and I see the company very well positioned
to benefit from megatrends that continue to reshape the global
automotive industry."
Safe Harbor
This press release includes
forward-looking statements regarding the Agreement and Plan of
Merger (the "Merger Agreement") that the Company entered into with
Pegasus Holdings III, LLC (the "Parent") and Pegasus Merger Co. on
February 22, 2022. Pursuant to the
terms and conditions set forth in the Merger Agreement, Merger Sub
will merge with and into Tenneco (the "Merger") with Tenneco
continuing as the surviving corporation of the Merger and as a
wholly owned subsidiary of Parent. Important factors that could
cause actual results to differ materially from the expectations
reflected in the forward-looking statements include (without
limitation and in addition to the risks set forth above): the
inability to consummate the Merger within the anticipated time
period, or at all, due to any reason, including the failure to
satisfy conditions to the consummation of the Merger; the risk that
the Merger disrupts our current plans and operations or diverts
management's attention from its ongoing business; the effect
of the announcement of the Merger on our ability to retain and hire
key personnel and maintain relationships with our customers,
suppliers and others with whom we do business; the effect of the
announcement of the Merger on our operating results and business
generally; the amount of costs, fees and expenses related to the
Merger; the risk that our stock price may decline significantly if
the Merger is not consummated; the nature, cost and outcome of any
litigation and other legal proceedings, including any such
proceedings related to the Merger and instituted against Tenneco
and others; and other risks to consummation of the proposed Merger,
including the risk that the proposed Merger will not be consummated
within the expected time period or at all.
If the proposed transaction is consummated, the Company's
stockholders will cease to have any equity interest in the Company
and will have no right to participate in its earnings and future
growth. The risks included here are not exhaustive. These and
other factors are identified and described in more detail in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2021, and
quarterly reports on Form 10-Q for the quarters ended March 31, 2022 and June
30, 2022, as well as the Company's subsequent filings and
quarterly reports, available online at www.sec.gov. Readers are
cautioned not to place undue reliance on the Company's projections
and other forward-looking statements, which speak only as of the
date thereof. Except as required by applicable law, the Company
undertakes no obligation to update any forward-looking statement,
or to make any other forward-looking statements, whether as a
result of new information, future events or otherwise.
Investor inquiries:
Linae
Golla
847-482-5162
lgolla@tenneco.com
Rich Kwas
248-849-1340
rich.kwas@tenneco.com
Media inquiries:
Bill
Dawson
847-482-5807
bdawson@tenneco.com
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SOURCE Tenneco Inc.