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Ex-Tyco CEO Kozlowski Released From Prison

Former Tyco CEO Dennis Kozlowski, who helped lead ADT to prominence, has been released on parole after serving eight years in prison for tax evasion and excessive bonuses totaling $430 million.

Former Tyco CEO Dennis Kozlowski was released from prison on parole Friday after serving eight years after being convicted on 22 felonies.

The disgraced executive was sentenced in 2005 to between eight and 20 years in prison after being convicted of taking excessive bonuses totaling $430 million, tax evasion and stealing more than $100 million from Tyco.

While at Tyco, he was instrumental in the rise of ADT, the No. 2 company in the CE Pro 100. Tyco was previously the parent company of ADT before ADT was spun off into a separate company in 2012.

From behind bars in upstate New York in an exclusive interview provided to CE Pro, SSI‘s sister publication, in 2011, he described the keys to the success of ADT and his own legacy to the security industry. He also described his existence in prison, which included laundry duty in his cell block and doing lots of reading. Kozlowski defended his financial package even behind bars, noting that it had been approved by the Tyco board of directors.

Kozlowski also said in that interview, “when I get out, I want to go sailing, have a decent meal and spend the night with a woman. I plan to dabble in the investment business and raise some capital.”

Kozlowski spent more than six years at the Mid-State Correctional Facility, a medium security prison in Marcy, New York. According to Reuters, Kozlowski “has been serving the last of his sentence in a state work-release program in Manhattan, while working as a clerk in a company that makes computer software.”

Kozlowski’s decadence was likely one reason for the conviction, which included a $2 million birthday/toga party in Sardinia called “The Tyco Roman Orgy” he threw for his wife, $11 million in artwork for his Manhattan apartment, a $15,000 doggy umbrella stand and, of course, the infamous $6,000 shower curtain.

Article Topics
Business Management · News · Dennis Kozlowski · Industry News · Tyco Int'l · All Topics
Dennis Kozlowski, Industry News, Tyco Int'l