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Commercial vehicle supplier Tenneco Inc. announced co-CEO Brian Kesseler will assume the newly consolidated role of CEO. Roger Wood will no longer serve as co-CEO, effective immediately.
The action is part of a broader plan to accelerate the reduction of operational costs, improve cash flow performance and reduce leverage, according to the Lake Forest, Ill.-based company.
In 2018, Tenneco completed the acquisition of Federal-Mogul, a leading global supplier to original equipment manufacturers and the aftermarket.
Additionally, the company expects to separate its businesses to form two independent companies, one for aftermarket and ride performance and the other for powertrain technology.
At the same time, current end-market conditions are affecting the company’s ability to complete a separation in the midyear 2020 time range, Tenneco reported without elaborating. — Transport Topics
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