- Push-out Score determined
- After about a year in the position
- Praise, thanks and good wishes for Wood
- Dual Chief Executive Officer role eliminated
- Brian Kesseler becomes sole Chief Executive Officer
(exechange) — Lake Forest, Illinois, January 7, 2020 — Roger Wood, co-chief executive of Tenneco, leaves. As announced by Tenneco Inc. in a news release on Tuesday, January 7, 2020, Roger J. Wood leaves his post as Co-Chief Executive Officer at the auto-parts maker after about a year in the role, effective immediately.
Tenneco eliminates the dual Chief Executive Officer role. Brian J. Kesseler will be sole Chief Executive Officer.
“Improve Tenneco’s operational efficiency and achieve our near-term financial performance objectives”
Roger Wood’s departure from the Co-CEO post is explained as follows. Gregg M. Sherrill, Chairman of the Tenneco Board, said: “As we pursue the separation of our businesses, the Board determined that consolidating our leadership structure now will help improve Tenneco’s operational efficiency and achieve our near-term financial performance objectives.”
Precise information regarding Roger Wood’s future plans was not immediately available.
“Will no longer serve”
Tenneco said: “Roger Wood will no longer serve as Tenneco’s Co-Chief Executive Officer and is stepping down as a Director of the Company, effective immediately.”
Share price decline
The announcement follows a decline in Tenneco Inc.’s share price of 66% since October 2018.
Chaired by Gregg M. Sherrill
Tenneco Inc. is chaired by Gregg M. Sherrill.
Sherrill was the Company’s Executive Chairman from May 2017 to May 2018 and the Company’s non-executive Chairman of the Board since his retirement as an employee on May 16, 2018.
In the position of Co-CEO since 2018
Roger Wood became Co-CEO of the Company in 2018.
Wood was named the Company’s Co-Chief Executive Officer in October 2018.
Prior to that he was Chief Executive Officer and Chairman of Fallbrook Technologies Inc. since February 2018.
He previously retired as President and Chief Executive Officer of Dana Holding Corporation (now known as Dana Incorporated) in 2015, having served in those positions since 2011 when he joined Dana.
Prior to joining Dana Holding Corporation, Wood served as Executive Vice President and Group President for the Engine Group at BorgWarner Inc. In his 26-year career at BorgWarner, Wood served in various leadership roles with global operations responsibilities.
Wood holds a bachelor’s degree in engineering technology from State University College in Buffalo, N.Y., and an M.B.A. from Syracuse University.
He is a member of the board of directors of Brunswick Corporation and Fallbrook Technologies.
Prior to Wood’s retirement from Dana, he served as a member of the boards for the Business Leaders of Michigan, the Ohio Business Roundtable, the board of trustees of the Manufacturer’s Alliance/MAPI and the CEO Council for the Original Equipment Suppliers Association (OESA).
Wood is a fellow of the National Association of Corporate Directors. He has been a director of the Company since 2016.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Tenneco and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 2.2020 ($).