Corrections or additions?
This article by Barbara Fox was prepared for the October 15, 2003 edition of U.S. 1 Newspaper. All rights reserved.
Tyco’s Makeover
As the former CEO of Tyco International, L. Dennis Kozlowski,
faces a regiment of prosecutors at his fraud trial in Manhattan, the
new CEO Edward Breen is trying to give the company a new look in many
different ways, including moving the Manhattan personnel south to
Princeton. Slowly the New York offices are emptying out and filling
up the space at 7 and 9 Roszel Road.
Another new look is being created by new jobs and new hires. To the
position of ethics officer, Breen appointed Eric Pillmore, a trusted
former colleague at General Instrument Corp.
In another new position, director of corporate citizenship, Erica
Ferry, above right, has been charged with building a world-class philanthropic
program. She will coordinate the firm’s involvement in non-profit
organizations, employee volunteerism, community events, and requests
for charitable giving. With bachelor’s and master’s degrees from Rutgers
University, she has been vice president at New Jersey Alliance for
Action and director of community relations and contribution programs
at Pharmacia Corporation.
Breen has hired nine new directors, including Jack Krol, retired chairman
of DuPont, to replace the board members who served under Kozlowski.
Among the new managers are CFO David FitzPatrick, formerly with United
Technologies Corp.
A Philadelphia native, Breen majored in finance and economics at a
Christian school in Pennsylvania, Grove City College, graduating in
1978. He became CEO after nine years at General Instrument, and when
it was purchased by Motorola in 1999 he had the post of COO of Motorola.
Breen has said he looks forward to managing a turnaround and working
with a mix of companies, ranging from protection systems like ADT
to duct tape and disposable medicine products.
Kozlowski, 56, was one of the highest paid CEOs in the country, earning
more than $300 million over a four-year period. He faces a maximum
of 35 years in prison if he is convicted on charges of stock fraud,
enterprise corruption, and grand larceny. He and former CFO Mark H.
Swartz, prosecutors allege, stole $170 million by raiding loan programs
and looted $600 million using unauthorized compensation and sales
of inflated stock. Kozlowski is the first CEO of a big company whose
fraud case has come to trial since the Enron scandal.
Tyco International Ltd. (TYC), 7 and 9 Roszel Road,Princeton 08540. Edward Breen, CEO. 609-720-0024. Home page: www.tyco.comNext StoryCorrections or additions?This page is published by PrincetonInfo.com— the web site for U.S. 1 Newspaper in Princeton, New Jersey.
