Tyco Board May Resign
NEW YORK
In a bid to restore investor confidence, Tyco‘s board of directors met last week to discuss a mass resignation. According to the New York Daily News, at least two board members supported fellow director Michael Ashcroft‘s proposal that all of the directors who served with former CEO Dennis Kozlowski voluntarily resign.
Tyco is currently being pressured by investors who said they will wage a proxy war to force the nine remaining board members to leave. According to the Palm Beach Post, several institutional investors met with new Chairman and Chief Executive Edward Breen about offering an opposition slate of director candidates at Tyco’s annual meeting if the board is not reconstituted. Only Breen and CEO John Krol, who was appointed by Breen this month, would remain.
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Related Content
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Commercial Integrator + Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add to your bottom line.
A FREE subscription to the top resource for security and integration industry will prove to be invaluable.
