Tyco Board Considers Exit of 9 Directors
Tyco International Ltd.’s board, under pressure from shareholders, is considering the resignation of nine directors who served under former Chief Executive L. Dennis Kozlowski, a person familiar with the matter said.
At least four of those nine reportedly support a proposal made by board member Michael Ashcroft last week for the directors to step down because of criticism about oversight of Tyco’s accounting and executive pay and benefits.
Investors have said Tyco hid slowing growth at its units, which include makers of fiber-optic cable, medical supplies and alarms. The Securities and Exchange Commission is looking at Tyco’s books, as well as investigating the possible misuse of funds by executives.
CEO Edward D. Breen Jr. has been meeting with shareholders, who have seen their investments fall 72% this year.
Tyco shares rose $1.37 to $16.72 in NYSE trading. They have more than doubled since Breen was named chairman on July 25.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
