PEMBROKE, Bermuda—The board of directors for Tyco Int’l Ltd. has appointed the former president and COO of Motorola Inc. as chairman and CEO of the company.
The appointment of Edward Breen is “a defining moment for Tyco,” says John Fort, lead director of Tyco.
Breen says he will develop a specific action plan for Tyco that will address four top priorities—“Restore confidence in Tyco with our employees, suppliers, customers and the financial community; enhance and strengthen the core businesses; ensure that we have the highest standards of corporate governance in place; and create value for shareholders.”
This action came right after Tyco denied rumors that it was to file for bankruptcy. “Any rumors to suggest that Tyco has engaged bankruptcy or reorganization attorneys is irresponsible and false,” Tyco says in a statement. “Tyco reiterates that the company and its operations are on solid financial footing.”
In related news, in a letter to employees, Breen has announced that the company’s CFO, Mark Swartz, will leave the organization. No reason was given for Swartz’s departure.
