It has been good times for past and present leadership of Tyco International, the fire protection and security company that recently appointed a new chief technology officer.
Tyco’s new CTO, Daryll T. Fogal, will work from the company’s U.S. headquarters at 9 Roszel Road. Fogal was previously CTO of Eaton Corporation’s electrical sector. “Technology is the key to advancing our leadership position in the industry, so we are pleased to have a technology leader of Daryll’s caliber join us in this critical role,” said Tyco CEO George Oliver in a press release. “Daryll’s extensive experience leading large-scale engineering and R&D organizations, his previous responsibility for developing an ‘Internet of Things’ strategy and execution model, and his strong general management and operations mindset will enable him to provide the strategic leadership necessary to achieve our growth and innovation vision.”
Fogal’s hiring comes as Tyco rolls out its “Tyco On” services platform, which allows users to control various devices, systems, and services, and allows Tyco technicians to operate complex systems using a mobile phone app.
Tyco also purchased Qolsys, a Silicon Valley home automation company. In a press release, the company said the purchase was to give Tyco a foothold in the nascent industry of connecting household devices to the Internet, a trend sometimes called “The Internet of Things.”
Tyco also completed a legal maneuver — merging with its international subsidiaries — that will allow it to move its global headquarters and place of incorporation from Switzerland to Cork, Ireland. The company already has a global business services center there.
“After a thorough review, our board has concluded that a move to Ireland is in the best interests of Tyco’s shareholders,” Oliver said. “Businesses have the best opportunity to thrive in stable, predictable environments. Ireland’s business-friendly atmosphere and its well established legal and regulatory framework and corporate governance standards provide Tyco with the most favorable conditions for maximizing returns for shareholders over the long term, and this move is a logical next step in building on our expanded presence in Ireland.”
Tyco, whose upper management works at Roszel Road, joins a growing number of companies that are run from America but headquartered in Ireland, which has lower corporate taxes. The move from Switzerland followed passage of a Swiss law called the Minder Initiatie in 2013 that limited executive pay and bonuses.
In January Tyco’s former CEO, Leo Dennis Kozlowski, was paroled from prison. He had served more than six years for fraud and larceny charges related to his taking $81 million in unauthorized bonuses while leading Tyco. Court records indicated he led an extravagant lifestyle with his bonuses, buying such luxuries as $15,000 umbrella stands.
Meanwhile his successor, Edward Breen, was rewarded for his turnaround efforts when he retired under good circumstances in January, 2013. Breen, who took Kozlowski’s job in 2002, collected more than $150 million in pay, stock options, and bonuses when he stepped down. He was credited with staving off bankruptcy, firing the board that oversaw Kozlowski’s tenure, and quadrupling the company’s cash flow in his first year.
His successor, Oliver, was president of Tyco’s Safety Products Division from 2006 to 2010, and president of Fire Protection since 2011. He was previously an executive at GE, including CEO of its Water Technologies division. He has a bachelor’s degree in mechanical engineering from Worcester Polytechnic Institute.
Tyco International Ltd. (TYC), 9 Roszel Road, Princeton 08540; 609-720-4200; fax, 609-720-4208. George R. Oliver, chairman and CEO. www.tyco.com.