Edward D. Breen, Chairman and Chief Executive Officer of Tyco, said, "One of my highest priorities is building an exceptionally capable management team that will bring top talent and experience to the challenges and opportunities we face at Tyco. Dave FitzPatrick is a world-class executive with exceptional credibility in the financial community and I am extremely pleased that he is joining the new team at Tyco. His experience and accomplishments at United Technologies and earlier at Kodak and General Motors are right on target for the needs here. Dave's respect and reputation among the financial community for uncompromising integrity, and his overall grasp of financial and business issues, are strengths that I value highly. He is a perfect fit for Tyco."
Mr. FitzPatrick said, "Tyco represents a tremendous opportunity for me. The company's operating businesses are familiar to me and playing a role in maximizing value with Ed Breen and his management team is a great professional challenge. Ed's commitment to building a strong management team dedicated to the highest standards of corporate governance was a prerequisite. Tyco faces significant challenges, yet I am confident we will meet them while serving the interests of investors, customers and employees."
Mr. FitzPatrick's appointment is effective immediately. He succeeds Mark Swartz, who, as previously reported, has resigned from the company.
Mr. FitzPatrick has served as Senior Vice President and Chief Financial Officer for United Technologies Corp. since June 1998. United Technologies Corp. (UTC) is a global leader of building systems and aerospace products. Carrier, Otis, Pratt & Whitney, Hamilton Sundstrand, and Sikorsky are among its well-known subsidiaries.
Earlier, Mr. FitzPatrick was Vice President and Corporate Controller forEastman Kodak Company. He also enjoyed an 18-year career with the General Motors Corporation, culminating with his responsibilities as Chief Financial Officer, Cadillac Luxury Car Division.
Mr. FitzPatrick graduated from the J.L. Kellogg School at Northwestern University with a master's degree in management. He also holds a bachelor's degree in accounting from the University of Illinois, where he graduated with high honors.