Governance
By the time Edward D. Breen Jr. took over as CEO and chairman of Tyco International in July 2002, the company was in the midst of what threatened to become a death spiral. Its stock price had tanked, it was deep in debt, its once-stellar reputation was sullied by scandal, employee morale was in tatters and the company’s strategic momentum had stalled. The previous CEO and chairman, L. Dennis Kozlowski, had become the latest poster boy for executive excess, accused of raiding the company treasury to pad an increasingly lavish lifestyle — including a $2 million 40th birthday party in Sardinia for his wife and a $6,000 shower curtain for Tyco’s New York City apartment. Almost overnight, Kozlowski went from being touted on magazine covers as “the next Jack Welch” to being investigated for fraud.
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