Tyco Buys Out Its Chairman and His Two Sons on Board
Tyco Toys Inc. said Wednesday that it had bought out and retired its controversial chairman, Benson Selzer, and his board-member sons, John and Geoffrey.
Wall Street applauded the announcement and sent the shares of Mt. Laurel, N.J.-based Tyco up $1.875 to $19.875 on the over-the-counter market.
Analysts said the departure of three key board members will raise the toy maker’s standing with investors.
Benson Selzer had filled Tyco’s board with family members and associates, fanning criticism that too much corporate activity may have been designed for the benefit of the Selzers.
The company said it will purchase all of the board members’ interests in the nation’s fifth-largest toy company.
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