Word: tyco
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...Breen, the man who succeeded the infamous Dennis Kozlowski as CEO of Tyco, took time off from the job in mid-November to speak at Grove City College, his alma mater. "I get goose bumps when I walk into this chapel," Breen told the assembly at the small Christian college in rural Pennsylvania. A churchgoer known for his plain lifestyle, Breen has never forgotten the old-fashioned values he learned as a student. "Humility, service and lifting the human spirit work as well in the boardroom as they do in the classroom," he said. That same week his flamboyant predecessor...
...what is fast emerging as a corporate morality play, Breen (the good) has set out to methodically reform the Tyco that Kozlowski (the bad) left in disarray. To Wall Street's approval, Breen, formerly president of Motorola, is having considerable success at a company that under Kozlowski had come to represent corporate greed. Tyco's share price has more than tripled, from a low of $8.21 when Breen took over in July 2002. The mountainous debt Kozlowski amassed is steadily being paid down. Tyco is heading back into solid profitability this year, having lost money in 2002 and narrowly avoiding...
...office." They wanted to know how Breen was going to restore credibility to a health-care, electronics and security-alarm company that once aspired to be the next GE before Kozlowski's fall brought it to disrepute. The new CEO moved quickly. In his first six months he replaced Tyco's board of directors wholesale, fired the entire top corporate team and hired 80 executives to fill their spots. He also set out to restructure the company's $24 billion debt--$11 billion of which was due in 2003, a burden that threatened the company's viability. He undid...
From the beginning, Breen took the long view of what would be required to resuscitate Tyco. "There were very strong operating businesses in Tyco that got lost in the spotlight," he says. Breen inherited more than 2,000 individual businesses--and some 267,000 employees--that are involved in everything from health care to plastics to fire alarms. He tried to determine which units needed rebuilding and which just required a little push. He introduced a new system of financial checks and balances and drew up long-term plans for each division, something completely new to some Tyco units. "During...
Rich Meelia, president of Tyco Healthcare, a unit that makes syringes, gauze and other medical products, remembers one of his first meetings with Breen. It took place about six weeks after Breen arrived at Tyco and, Meelia says, signified an end to the old regime. He explains, "We go to him and we say, 'We got to take $50 million and not report it as earnings. We got to plow it back into the business.'" Meelia, who has led the health-care group since 1995, expected resistance, because he knew the company was strapped for cash. "He said, 'Go ahead...