Ed Breen, chairman and chief executive officer, said in a statement that “many legacy financial and legal issues have been resolved” and that the board of directors believed that the split was the best approach to “enable these businesses to achieve their full potential.”
The three companies will have their own independent boards and corporate governance standards, and are expected to remain incorporated in Bermuda. Tyco expects to complete the transactions within the first quarter of 2007.
Tyco Healthcare will continue to be led by President Rich Meelia, who will also become CEO. Chief Operating Officer Kevin Gould and Chief Financial Officer Chuck Dockendorff will remain in their positions.
At Tyco Electronics, Tom Lynch (current president of Engineered Products & Services) will become CEO. Dr. Juergen Gromer will retain his position as president and will also become vice chairman. Jacki Heisse will remain as CFO.
Breen and Tyco International CFO Chris Coughlin will lead the fire and security/engineered products businesses. Dave Robinson will continue as president of Tyco Fire & Security, while Naren Gursahaney will succeed Lynch as president of Engineered Products & Services.
Last year, Tyco's former CEO L. Dennis Kozlowski and former CFO Mark H. Swartz were sentenced to prison for grand larceny, conspiracy, securities fraud and falsifying business records. Both are appealing their convictions.
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