Jim Voss, the CEO of Apollo, will take over as head of Tenneco once several final conditions are met and the deal closes.
Tenneco Inc. said CEO Brian Kesseler will be replaced by Jim Voss once the pending $1.6 billion acquisition of the supplier by investor Apollo Global Management Inc. is completed.
Voss, the CEO of Apollo, will take over as head of Tenneco once several final conditions are met and the deal closes, the company said Thursday in a filing with the U.S. Securities and Exchange Commission.
The companies announced the acquisition on Feb. 23. Tenneco will continue operating under the Tenneco brand as a wholly owned subsidiary of Pegasus Holdings, the companies said in a press release.
Tenneco's board of directors and shareholders have approved the agreement.
Tenneco supplies components such as mufflers and shock absorbers. It also owns several aftermarket brands such as Champion spark plugs that it inherited from its acquisition of longtime Detroit-area supplier Federal Mogul in 2018 for $5.4 billion.
Apollo partner Michael Reiss said in the statement: "We look forward to working with the Tenneco team to build on the strong foundation in place today, investing across their platform and product categories for growth and delivering innovative solutions for customers."
Tenneco said it expects to complete the transaction in the second half of 2022.
Spokespeople for Tenneco and Apollo could not be reached for further comment.
Tenneco ranks No. 12 on the 2022 Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $15 billion in 2021.(article source:Auto news)