Tough Times, Tough Bosses

It wasn't exactly the graceful exit Tenneco Chairman James L. Ketelsen had in mind. In early August, Tenneco Inc.'s board gathered at Manhattan's Helmsley Park Lane Hotel to choose an eventual successor for Ketelsen, who had every intention of grooming his protege for a couple of years before heading off into retirement. After a months-long star search, Ketelsen thought he had finally found his man: Michael H. Walsh, the laser-sharp CEO of Union Pacific Corp.'s railroad subsidiary.

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