Tyco International Corporation, Fire Protection And Healthcare Essay

Tyco International Corporation, Fire Protection And Healthcare Essay

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Tyco International Ltd was one of the well-renown companies in America for their security systems, fire protection and healthcare. The company was founded in 1960, but it was not until 1964 did Tyco went public to rapidly expand their acquisition. Later in the years, Dennis Kozlowski was employed to the company as an associate controller, which he then moved up to Tyco’s board to become the president and chief operating office. At the same time, the Tyco International decided to change its attention from expansion to revenue. Later on, Kozlowski was appointed as chief executive office (CEO) in 1992; he became a great successor for diversifying the organization into healthcare. In acknowledgement of, Kozlowski hard work he brought Tyco to become the second largest producer of medical devices in North America during 2001, which led them operating revenue over $35 billion dollar and nearly 230,00 employees.
The Tyco scandal commenced in 2002 when Dennis Kozlowski was the CEO of Tyco International during that period. But, it was not until 1999 when the Securities and Exchange Commission (SEC) administrated a probe on the unethical behaviour of Kozlowski and Mark Swartz, the chief finance officer (CFO) for allegedly stealing from Tyco. The company was informed by the district attorney Morgenthau, that Kozlowski was under investigation due to taxes evasion on expensive paintings. According to the case “the purchase price of the Monet was $3.9 million. The paintings were bought in New York and sent to Tyco’s headquarters in New Hampshire in order to avoid paying New York sales tax, which was inapplicable to goods sent out of state” (Markham, 2006). Leading attorney Morgenthau to become aware of Kozlowski’s personal transaction, whic...

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...s from the corporation for their own personal gains, which the company were not of aware of, nor were they approved by the board of directors. The finance programs that were utilized from the Kozlowski and Swartz were exploitative and criminal misuse. Thus, making this a dirty hand case.
As a corporation Tyco first stage was to file a federal lawsuit against former CEO Dennis Kozlowski and a settlement of dispute claim against former CFO Mark Swartz. The newly appointed CEO Breen felt he needed new faces at Tyco, resulting in the removal of current board of directors and leadership team that worked alongside Kozlowski, in the exchange for a new set of managers. With this new shift in place, the company proceeded with their second stage for an internal probe against the former CEO. The investigation prompted Tyco to file another federal lawsuits against Kozlowski.

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