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Tenneco Inc. Message Board

  • Activistholder Activistholder Apr 6, 1998 3:24 PM Flag

    Proxy vote

    Fellow shareholders of Tenneco:

    If you are not pleased with the performance of Tenneco stock and its inept management team headed by Mr. Dana Mead, I urge
    you to vote against Mr. Mead and the current directors up for election. It is time to stand up for your rights as shareholders
    if you believe the company is headed in the wrong direction. I personally believe the shareholders would be better off if
    Tenneco did another "spin off" of Packaging and Automotive and dissolved Tenneco Inc. Former Tenneco holdings Case and Newport News
    have done well on their own and I see no reason to prolong the agony for Automotive and Packaging. Send a message to Dana and the
    other Directors that we are tired of excuses and that the staus quo is not satisfactory.

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    • I am new - Can you explain further ?

    • Reading back through the board I found this one
      interesting.

      Man o man, would that BUCK plus fund a few key
      projects right now! There are some key oppurtunities out
      there and we are tossin nickels like they are manhole
      covers.

      P-man

    • Nice to hear from you. I hope you're doing well in Milwaukee. I'm in telecom now and could not be happier. You're lucky you didn't waste any more time at TEN!

    • I'm an ex- Tenneco Packaging employee who agrees
      with most of what I've read. Corporate was always the
      weakest link in the Company (cost drain, bottleneck also
      come to mind). Stupid programs like the services
      outsourcing project- where the central computer was
      headquartered at NNS, done just months before the spin-off was
      announced (hello, master plan). Incompetants like Matt Apel
      (at least he is gone), etc.

      Anyhow, I was
      talking to an investment banking analyst a few months ago
      who agreed that there is no credible reason for the
      company not being spun-off. With Dana's (the company's)
      $3.2 billion dollar acquisition of Echlin pressure may
      begin to be put on TEN- or maybe even a hostile offer
      (keep auto spin off packaging).

      Anyhow. enjoy
      the board (which I just found today).

      To
      CksInTheMail- where do you/did you work? I was in Evanston

    • Stockroomguy, and most of you others missed my
      point (post #189). I'm *not* a fan of Dana's, I was
      only trying to point out that there are some very good
      things going on *in spite of* the current leadership in
      CT. As somebody else mentioned, Aftermarket
      Automotive is spending money and dedicating resources to
      rebuild a business that has almost obscene margins. Among
      many other things, the current reinvestment in the
      capital required to lower our costs is clear evidence
      that the leadership in my long-neglected division has
      finally realized the opportunity within the aftermarket.
      Yes, the stock performance sucks, but things have
      changed significantly in just the last 12 months, and I
      expect the rate of improvement to
      accelerate.

      Dana bashing is fine, and much deserved, but it's
      getting boring. Is there anyone out there that has some
      *good* news about what's going on in your TEN
      Division/Business Unit/etc.? Let's hear it.

    • parrothead
      nobody was forced to sell anything at case ipo time. Any ten that you owned (read owned) was yours to keep.

    • When Tenneco spun off Case it was the best thing to ever happen!
      As a current Case employee, I have seen our stock go from an IPO spin off price of $18.125 to as high as $72!! Currently it is down in the mid 60's, but I'm betting it won't be there long.

      If I still had my Tenneco stock (we were forced to sell it at the IPO time), I would most certainly vote against Mead !!

    • You know, when it boils down to it, no company is perfect. All the bickering on this board about spin offs that do better
      than TEN, etc. are simply venting because of a dissapointing career in Automotive / Packaging, or your not making money like P.
      Lynch in the Market. I'm with you. I see capital reinvested back into ride control facilities, products, etc. This company is
      reinventing itself. This takes time. Large companies cannot change over night. Others that do not have the time to wait for this should
      find somewhere else to work and invest.

    • Dear Aftermarket Exhaust Guy:

      If wishes were fishes,
      we'd all have some fried.

    • I know I'm opening myself up as flame-bait, but I've gotta say this: From the narrow perspective of an Automotive
      Aftermarket Exhaust guy, it seems like we're doing the right things over here. We're reinvesting millions each year into our operation.
      We're modernizing processes, upgrading infrastructure, and hiring smart, young, aggressive people to run this operation balls-out.
      Ya, Dana is a slug, but it seems like there's a very new management group over here (at corporate in Lake Forest)who are
      prepared to do the right things.
      I think the biggest setback has got to be the departure of Cribari. He made some mistakes, but the guy was a brilliant strategist. What do you think?

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