Tyco Board May Resign
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.
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