Under fire from angry investors, Tenneco Chairman James Ketelsen will take early retirement next year, ending a tumultuous 14-year reign. Ketelsen, 60, will step down as CEO in January and as chairman in May, and he'll be replaced by Michael Walsh, formerly chairman of Union Pacific RR. While the company denies it, analysts and former executives believe Ketelsen was pushed out by his board after years of red ink at Tenneco's farm- and construction-equipment unit, J. I. Case.

Walsh will have his hands full with Case, which suffered a first-half operating loss of $303 million. Still, the market cheered the personnel change: Tenneco stock jumped 3 1/4 on the news, to 39 7/8.

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