HOUSTON-In the midst of a long battle with cancer, Tenneco Inc. chief executive Michael Walsh has relinquished his post, saying the treatment he's receiving for a brain tumor is impairing his ability to run the conglomerate, parent company of Tenneco Automotive. A Wall Street Journal story said Mr. Walsh, 51, told the company's board that even though doctors said his cancer isn't back, the cumulative effects of surgery, chemotherapy and other treatments have been more demanding than expected.
While he will remain chairman, Mr. Walsh will be on indefinite leave. The board quickly elected Dana Mead, 58, Tenneco's president and chief operating officer, to the additional post of CEO.
Mr. Mead, whom Mr. Walsh had recruited in 1992 to join the firm, frequently has functioned as CEO since Mr. Walsh's illness was discovered last year.
Meanwhile, reversing a 1992 fourth-quarter loss of $826 million, Tenneco reported a $150 million profit in the 1993 period on sales of $3.38 billion. The 1992 quarter included a restructuring charge of $843 million and a loss of $12 million from early debt retirement.
The company reported a $426 million profit in 1993 on sales of $13.3 billion. In 1992, Tenneco lost $1.32 billion on sales of $13.1 billion.
Wynn's, Cooper Ind. earnings reported
AKRON-Cooper Industries and Wynn's International Inc. both reported higher earnings in 1993 than the year before.
Aided by lower interest expense and improved margins, Houston-based Cooper's net income rose in 1993 to $367.1 million compared with a loss of $228.7 million the year before. The 1992 results included a charge of $590 million reflecting the cumulative effects of accounting changes.
Revenues rose 2.3 percent to $6.27 billion from $6.13 billion the previous year for the diversified manufacturer of automotive products, electrical power equipment, tools and hardware, and other products.
For the fourth quarter ended Dec. 31, Cooper's net income grew 6.1 percent to $102.2 million despite a slight slip in revenues to $1.6 billion.
Orange, Calif.-based Wynn's, a supplier of, among other products, original equipment and aftermarket automotive air conditioning systems, reported a 23.8 percent increase in 1993 net income to $8.98 million.
Sales for the year fell 2.3 percent to $285 million.
For the fourth quarter, ended Dec. 31, Wynn's earnings rose 10 percent to $2.23 million on a 4-percent rise in sales to $69.9 million.
The Specialty Equipment Market Association recently welcomed to its ``Ambassador Club'' Corky Coker, president of Chatanooga, Tenn.-based Coker Tire Co. Inc., a marketer of antique and classic tires, who was among a number of SMEA members who recruited new members.
According to ongoing consumer car maintenance research conducted by the Motor & Equipment Manufacturers Association, unperformed vehicle maintenance jumped 13 percent in 1992 to $59.4 billion-the single largest year-to-year increase ever in the MEMA survey.