Tenneco Inc. has named Roy Armes, the former chairman, president and CEO of Cooper Tire & Rubber Company to its board of directors.
The appointment, made as part of the company’s ongoing board refreshment process, expands the board temporarily to 12 directors, 10 of whom are independent. At the 2020 annual meeting, the Tenneco board will be reduced to 11 directors.
Director Roger Porter has announced that he will not stand for reelection.
“This appointment, which follows the addition of Chuck Stevens as an independent director and recent governance improvements, reflects our commitment to continuously review the board’s capabilities and enhance our membership for the benefit of all Tenneco shareholders,” said Dennis Letham, incoming lead independent director of the Tenneco Board. “Roy brings significant industry knowledge and aftermarket experience as well as public company board experience and new perspectives that will be invaluable to Tenneco. I look forward to working with Roy as we continue to oversee the management team’s execution of our Accelerate program and position the company for success.”
Board chairman Gregg Sherrill thanked Porter for his many years of dedicated service to Tenneco.
“During his time on our board, he’s helped the company navigate significant paradigm shifts in mobility, the introduction of new competitors and macro-economic trends that impact the entire industry,” said Sherrill. “Through it all, his leadership, wisdom and significant contributions have helped Tenneco achieve key milestones in the company’s history.”
Armes noted that the Tenneco board is taking purposeful steps to achieve its financial and operational objectives.
“I am excited to join the effort,” he said. “With two world-class businesses and a strategic review process underway, Tenneco is uniquely positioned to generate value for all shareholders.”
Headquartered in Lake Forest, Ill., Tenneco is one of the world’s leading designers, manufacturers and marketers of aftermarket, ride performance, clean air, and powertrain products. With 2019 revenues of $17.45 billion and approximately 78,000 employees worldwide, Tenneco completed the acquisition of Federal-Mogul in October 2018.