Tyco Appoints 2 New Board Directors
Tyco Int’l Ltd. announces that Jerome York, chairman, president and CEO of Micro Warehouse Inc., and Mackey McDonald, chairman, president and CEO of VF Corp., have been appointed to the company’s board of directors.
York will fill the seat left by Lord Michael Ashcroft and McDonald will serve in place of James Pasman, Jr.
Ashcroft and Pasman, who recently submitted letters of resignation to Tyco Chairman and CEO Ed Breen, are the first Tyco directors to resign following the board’s unanimous decision not to nominate or support for re-election at the company’s 2003 annual meeting any of the nine current directors who were members of the board before July of this year.
Breen says he looks forward to working with York and McDonald to set the strategic vision for this company. “They will play an important role in helping the board restore the confidence of Tyco shareholders, investors, customers and the capital markets, and in building on the many strengths of this business.”
The nominations of York and McDonald to the Tyco board were previously announced on Sept. 12. In total, four other nominees have been selected by the board. These four nominees will join the board when there are additional resignations from existing directors, and they will stand for election to the board at the company’s next annual meeting.
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