Word: tyco
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After looking for accounting irregularities, the Securities and Exchange Commission gave Tyco a clean bill of health two years ago. But in the wake of the Enron scandal, the company's complex books--filled with footnotes about thousands of offshore subsidiaries--sent a lot of shareholders to the exits. In February, company filings revealed that Kozlowski and his top deputy, chief financial officer Mark Swartz, had between them sold more than $500 million in stock back to Tyco since 1999, even as they publicly declared that they rarely, if ever, unloaded their shares. Around the same time, Tyco disclosed that...
Since Jan. 1, Tyco shares have fallen some 80%, hitting a six-year low of $10.10 on Friday. Late last week the debt-rating agencies S&P and Moody's downgraded Tyco's debt, fueling worries that the company, which is trying to trim its $27 billion in debt--$12.8 billion of it coming due in the next 18 months--could be caught in a cash squeeze. Tyco announced last week that it may have to delay the IPO of its CIT financial division--which was expected to raise $5 billion in cash--because of concerns...
...much of the 1990s, investors didn't want to let Tyco's improbably high reported growth rate of nearly 40% spoil their fun. Before last week's free fall, Tyco shares (with dividends reinvested) had still gained almost 400% in the decade since Kozlowski took over and turned the company into a merger machine, according to Harvard Business School associate professor Robert Kennedy. Along the way, Kozlowski snapped up electronics manufacturer AMP, security firm ADT and medical-products maker U.S. Surgical...
Kozlowski landed at Tyco in 1976, hired by legendary hostile-takeover-artist Joseph Gaziano to fix some floundering acquisitions. At the time, Tyco Laboratories was a small manufacturer of everything from undersea cables to fire sprinklers. (It is unrelated to Mattel's Tyco line of toys.) But when Kozlowski took over in 1992, he re-created Tyco in his spirited image...
...detailed look at his target's finances and pick up the best talent, the deal had to be friendly. And it had to be fast, finished in a matter of weeks, not months. Going after underperforming firms that were "fat, dumb and happy," in the words of a former Tyco employee, Kozlowski would move in quickly to slash costs and consolidate and close factories; top executives were usually shown the door in favor of eager, young middle managers willing to work long hours. To make sure his charges made their numbers, Kozlowski dangled rich performance bonuses. And he insisted...