Tenneco Announces Results Of 2019 Annual Stockholders' Meeting
DETROIT, May 15, 2019 /PRNewswire/ -- Tenneco Inc. (TEN) announced at its annual stockholders' meeting today that the company's stockholders have elected SungHwan Cho, Thomas C. Freyman, Denise Gray, Brian J. Kesseler, Dennis J. Letham, James S. Metcalf, Roger B. Porter, David B. In addition, stockholders ratified the appointment of PricewaterhouseCoopers LLP as the company's independent auditors for 2019 and, in an advisory vote, approved the company's executive compensation. The company also announced that its board of directors has suspended its quarterly dividend beginning in the second quarter of 2019, consistent with the company's capital allocation priorities, including reducing leverage. Following Tenneco's expected separation to form two new, independent companies, an Aftermarket and Ride Performance company (DRiV™), as well as a new Powertrain Technology company, the new Tenneco will be one of the world's largest pure-play powertrain companies serving OE markets worldwide with engineered solutions addressing fuel economy, power output, and criteria pollution requirements for gasoline, diesel and electrified powertrains.