Word: tyco
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Corporate watchdogs were panting last week as not one but three former CEOs started trial: WorldCom's Bernard Ebbers, HealthSouth's Richard Scrushy and Tyco's Dennis Kozlowski, with the latter back in court after a mistrial. --By Julie Rawe...
...1/2-year push to reform Tyco, Ed Breen has pulled off feats that would have made lesser CEOs quake in their wing tips. He persuaded the entire board of directors of the disgraced company to resign, fired almost all its top corporate managers and faced down an $11 billion debt when he had no cash to spare. But there is one thing he is unwilling to do: celebrate. Tyco has finished its first solidly profitable year since its notorious former CEO, Dennis Kozlowski, turned the little-known industrial conglomerate into shorthand for greed. But Breen is not planning any parties (toga...
Instead, Breen is watching his work take root and flower. He has consolidated purchasing, beefed up auditing and started regular meetings on strategy, operations and training--basic discipline that the old Tyco lacked. "We're still in the early innings," Breen says. The company may yet face shareholder lawsuits, but this year Tyco has clearly come back. Its stock has risen 25% since January, and in this fiscal year Tyco has generated $4.8 billion in cash and $2.9 billion in profits while slashing its debt by $4.4 billion. Another sign of confidence: in June, Breen launched Tyco's first...
...TYCO MISTRIAL: A first-person account of a dysfunctional panel, by Juror...
MISTRIAL DECLARED, in the fraud trial of L. DENNIS KOZLOWSKI and MARK H. SWARTZ, former executives of Tyco International; after a juror whose name was publicized as a lone holdout during jury deliberations received a threatening letter; in New York City (see page...