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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.com<


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