TENNECO TO NAME NEW CHIEF FINANCIAL OFFICER

Rhea-AI Summary

Tenneco Inc. announced the impending appointment of Jeff Stafeil as Executive Vice President and Chief Financial Officer, subject to the completion of its acquisition transaction. Stafeil, currently serving at Adient PLC, will replace Matti Masanovich, who will leave the CFO position upon the merger's completion. Tenneco's CEO Jim Voss expressed gratitude towards Masanovich for his contributions during challenging times and welcomed Stafeil, citing his extensive experience in the automotive industry.

Positive

• Jeff Stafeil brings over 30 years of financial management experience in the automotive sector.
• Stafeil's leadership is expected to enhance Tenneco's executive team, focusing on stakeholder value creation.

Negative

• The completion of the merger is uncertain, posing risks to Tenneco's operations and stock price.
• Shareholders may lose equity interest and rights to future earnings following the transaction.

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.

FAQ

Who is Tenneco's new CFO as of October 2022?

Jeff Stafeil is set to be appointed as CFO upon the closing of Tenneco's acquisition.

What experience does Jeff Stafeil bring to Tenneco?

Stafeil has over 30 years of experience in global leadership and financial management in the automotive industry.

What will happen to current CFO Matti Masanovich?

Matti Masanovich will depart from his role as CFO following the completion of the acquisition.

What risks are associated with Tenneco's acquisition?

Risks include potential delays in merger completion, effects on operations, and possible decline in stock price if the merger fails.

How will the acquisition impact Tenneco's shareholders?

Shareholders will cease to have equity interest in the company post-acquisition and will not participate in future earnings.