BOCA RATON, Fla. — Tyco Int’l announced Tuesday that Kathryn Mikells will be appointed CFO of ADT Corp., which will be created upon separation from Tyco later this year. The announcement was made in connection with the filing of the ADT Form 10 registration statement with the Securities and Exchange Commission.
Mikells previously served as CFO of Naperville, Ill.-based Nalco, a global provider of water treatment and energy technologies. Prior to joining Nalco in October 2010, Mikells served as executive vice president and CFO of UAL Corp., the parent company of United Airlines. She also has held positions in the financial services industry with companies such as GE Capital Corporate Finance and Household Int’l. Mikells serves on the board of directors for the Hartford Financial Services Group Inc. and the Weitz Company.
"Kathryn brings impressive financial leadership expertise and a proven track record of managing transformation while driving financial discipline,” said Naren Gursahaney, current president of Tyco's ADT North American residential and small business security segment and future CEO of ADT Corp. “She will help guide ADT to a successful separation from Tyco, and advance our strategies of strengthening and expanding the core residential business while also investing in new platforms for growth."
Tyco said in September it would divide residential security provider ADT North America; Tyco Flow; and its fire and security products business into three publicly traded companies. On March 28, Tyco announced a deal to combine its flow control business with Pentair Inc.
ADT’s Form 10 registration statement includes financial statements of the business, an overview of the markets and industries in which it will operate, details regarding the company’s management, and competitive strengths, strategies and risk factors.
In the statement, Tyco said ADT's 2011 revenue was $3.1 billion of which 89% was recurring. Tyco also states that ADT’s 6.4 million customers represent a 25% market share of an estimated $12.5 billion residential and small business security market in the U.S. and Canada. A graphical chart included in the form estimates that Protection 1 has 4% of the market; Monitronics, 3%; and Vivint, 2%. The chart —which credits ADT Analysis and IMS Research as the sources of the information — states that “thousands” of other firms comprise the remaining 66% of the market.
Including Mikells, the statement listed the following executive management team members who will be led by Gursahaney: David Bleisch, chief legal counsel; Don Boerema, chief corporate development officer; Mark Edoff, senior vice president of business operations optimization; Anita Graham, chief human resources and administrative officer; and Stephen Gribbon, senior vice president, sales; Shawn Lucht, senior vice president, operations.
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