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Tenneco CEO Has Cancer

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From Reuters

Tenneco Inc.’s chairman and chief executive revealed Wednesday that he has a brain tumor, but said the cancer is treatable and that he plans to remain at the helm of the diversified energy and equipment firm.

Michael Walsh, 50, who became chairman of Houston-based Tenneco 18 months ago, has won praise for guiding a recent effort to turn around the company, which had $13 billion in sales last year.

Besides disclosing his cancer, Walsh told reporters in a conference call that the company expects to transform 1991’s losses from continuing operations into a profit.

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After the news was announced, shares of Tenneco fell, dropping $1.625 to $40.375 on the New York Stock Exchange.

“My mental processes are not affected,” Walsh said in the conference call. “I feel as good as I ever have, and I intend to stay exactly doing what I have been doing.”

Tenneco said Walsh was diagnosed with a “mid-grade brain tumor” at an early stage, which it said can be treated with radiation and chemotherapy.

Walsh’s doctors said they believe his condition will allow him to remain in control of the company while he undergoes treatment.

The news followed by a day the death of Reginald Lewis, chairman of food company TLC Beatrice International Holdings Inc. Lewis, 50, died of a cerebral hemorrhage brought on by brain cancer.

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