TENNECO BOARD ELECTS MICHAEL H. WALSH CEO
TENNECO BOARD ELECTS MICHAEL H. WALSH CEO HOUSTON, Dec. 16 /PRNewswire/ -- Michael H. Walsh, president of
Tenneco Inc. (NYSE: TGT), has been elected to the additional office of chief executive officer by the company's board of directors, effective Jan. 1, 1992.
Walsh, 49, who was elected CEO at the company's regular board meeting Dec. 9 will succeed James L. Ketelsen, who remains chairman. The board has announced its intention to name Walsh chairman of the board at the company's May 12, 1992, annual meeting. Since Walsh joined the company in August, Tenneco has begun a $2 billion-plus action program intended to strengthen the company's balance sheet and enhance its financial flexibility. To date, Tenneco has: -- Cut the company's regular quarterly dividend from 80 cents to 40 cents per share, which will improve cash flow and retained earnings by $200 million a year; -- Reduced capital spending by $50 million in 1991 and $250 million in 1992; -- Improved productivity and reduced costs by $250 million a year; -- Announced sales of assets with a value to Tenneco of $686 million either in cash or through the assumption of liabilities; -- Filed a registration statement with the Securities and Exchange Commission with respect to issuing approximately $500 million in new equity; and, -- Begun a restructuring of the company's J I Case farm and construction equipment unit to improve financial performance. "We are on track with our action plan," Walsh said. "We intend to keep our commitment to this program and to make this company financially strong, consistently profitable and growth-oriented." The company has filed a registration statement with the Securities and Exchange Commission to offer 15 million depositary shares. Each depositary share will represent one-half of a share of a new series of Preferred Equity Redemption Cumulative Stock, or PERCS. The registration statement filed with the SEC relating to PERCS has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state. Tenneco Inc. is a Houston-based, diversified industrial corporation with major business interests in natural gas pipelines, farm and construction equipment, automotive parts, shipbuilding, packaging, chemicals and minerals. -0- 12/16/91 /CONTACT: Thomas J. Slocum of Tenneco, 713-757-3430/ (TGT) CO: Tenneco Inc. ST: Texas IN: OIL SU: PER SH -- NY025 -- 2423 12/16/91 10:16 EST
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|Date:||Dec 16, 1991|
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