Rumours of board shakeup boost Tyco
This article was originally published in Clinica
Certain of Tyco International's board of directors are reportedly planning to step down in an attempt to restore confidence in the troubled conglomerate, which has been rocked by the departure, and subsequent indictment, of CEO Dennis Kozlowski and investigations into use of the company's funds (see Clinica No 1011, 15). Edward Breen, brought in to replace Mr Kozlowski, together with newly appointed director John Krol, would retain their positions, the reports state. The company's shares - a long way off their year-high of $60 - rose 9% to $14.50 on the news.