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Tyco CEO resigns as legal probe steps up

WASHINGTON, June 3 (UPI) -- Investor fears about the trustworthiness of corporate governance re-emerged Monday as Tyco International Ltd.'s L. Dennis Kozlowski announced his resignation as chief executive officer of the Bermuda-based manufacturing conglomerate.
SHIHOKO GOTO, UPI Senior Business Correspondent

Shares tank on corporate governance fears

NEW YORK, June 3 (UPI) -- Stock prices on the New York Stock Exchange and the Nasdaq Stock Market plunged Monday as corporate news overshadowed a favorable report on the condition of the

CEO changes continue

CHICAGO, June 3 (UPI) -- Job security is not part of the deal for corporate chief executive officers when they hold the reigns at troubled companies.
AL SWANSON, UPI Labor Correspondent

Stocks rattled by Tyco

NEW YORK, June 3 (UPI) -- Stock prices on the New York Stock Exchange and the Nasdaq Stock Market were lower in moderate trading Monday as corporate news overshadowed a favorable report

Tyco's chairman resigns

NEW YORK, June 3 (UPI) -- Tyco International's chairman, L. Dennis Kozlowski, who reportedly is under criminal investigation for suspected tax evasion, resigned Monday as chairman and left the Tyco board for "personal reasons."

Tyco's Kozlowski resigns

NEW YORK, June 3 (UPI) --

Executive Business Briefing

Here is a look at more of Monday's top business stories:

Executive Business Briefing

Here is a look at Thursday's top business stories:

Global View: Enron and capitalism

QUERETARO, Mexico, Feb. 9 (UPI) -- One (big) company fails. "Oh dear. Never mind. Doesn't matter," as the unsympathetic sergeant major used to say in a British television comedy. Company failure is part of capitalism. Propping up companies would be more dangerous. And yet Enron's failure i
IAN CAMPBELL, UPI Economics Correspondent

Tyco spent $8 billion on undisclosed deals

NEW YORK, Feb. 4 (UPI) -- Tyco International Ltd. spent $8 billion on more than 700 acquisitions during the last three years that were not disclosed to the public, The Wall Street Journa

Executive Business Briefing

Here is a look at more of Tuesday's top business stories:

Executive Business Briefing

Here is a look at Tuesday's top business stories:

Executive Business Briefing

Here is a look at Thursday's top business stories:
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Photos
Dennis Kozlowski
Former Tyco CEO Dennis Kozlowski (left) and former TYCO CFO Mark Swartz (right) on the 11th day of jury deliberations in their 2nd retrail were found guilty on June 17, 2005 at Manhattan State Supreme Court. Kozlowski, 58, was found guilty of conspiracy, fraud and falsifying business records and Swartz, 44, was found guilty of grand larceny, securties fraud and eight of nine counts of falsifying business records. (UPI Photo/Ezio Petersen)
Wiki

Dennis Leo Kozlowski (born November 16, 1946, Newark, New Jersey) is a former CEO of Tyco International, convicted of misappropriating more than $400 million of the company's funds to support a lavish lifestyle and chronic substance abuse issues. He is currently serving at least eight years and four months in prison.

Kozlowski joined Tyco in 1975, becoming CEO in 1992. With Kozlowski at the helm, Tyco massively expanded during the late 1990s. The company consistently beat Wall Street's expectations and through a series of strategic mergers and acquisitions, ushered in a new era of mega-conglomerates. Kozlowski left Tyco in 2002, amid a controversy in regard to his compensation package.

Kozlowski has been tried twice. The first attempt was a mistrial as one of the jurors - who sided with Kozlowski - later claimed that she was threatened by a member of the public. Kozlowski testified on his own behalf during the second trial, stating that his pay package was "confusing" and "almost embarrassingly big", but that he never committed a crime as the company's top executive.

This article is licensed under the GNU Free Documentation License.
It uses material from the Wikipedia article "Dennis Kozlowski."
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