Despite the departure of CEO Mark Frissora for the top job at the car-rental company Hertz Corp., the leaders of supplier Tenneco Inc. expect the business to run smoothly until a replacement is found.
The reason: Frissora's team-oriented management style means the people now at the top have been helping run the business for several years.
The tightening of emissions regulations globally and growing interest in electronically controlled shock absorbers will mean more business for Tenneco, Frissora said during a conference call with investors on Thursday. The company expects original-equipment business with automakers to grow by $1 billion in 2007, which would be a gain of more than 29 percent over 2005.
Frissora, 50, will leave his Tenneco job on Wednesday, July 19. He has been with the supplier 10 years and was part of the spinoff of Tenneco's automotive unit in 1999.
Frissora said he is changing jobs for an office on the East Coast that puts him closer to his family. Also, he said, "I have an entrepreneurial spirit at heart." Frissora declined to discuss his plans for Hertz until he joins the company.
Hertz is based in Park Ridge, N.J. The car-rental company was owned by Ford Motor Co. until December, when it was sold to three investment firms - Clayton, Dubilier & Rice; Carlyle Group; and Merrill Lynch Global Private Equity.