Deals
Icahn-Backed Tenneco Drops on CEO Shakeup Raising Breakup Doubts
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Shares of Tenneco Inc., the auto-parts maker backed by billionaire Carl Icahn, plunged after the company lost one of its co-chief executive officers and warned of ongoing challenges affecting plans for a breakup of its businesses.
Roger Wood, who was named co-CEO in July 2018 after Tenneco announced plans for a spinoff of two separate companies, is stepping down both from that job and as a director, the Lake Forest, Illinois-based company announced after the close of trading Tuesday. The shares fell as much as 11% on Wednesday, their biggest intraday drop since Oct. 31.