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TYCO Appoints W. Mark Schmitz Vice President, Finance Of Fire And Security Division
As Tyco Fire and Security's top financial officer, Mr. Schmitz will report to David FitzPatrick, Executive Vice President and Chief Financial Officer of Tyco.
Mr. FitzPatrick said: "I have worked with Mark Schmitz in the past and have great confidence in his ability. Mark joins the Company with a solid background in manufacturing and service companies, which, together with his experience in international finance, will make him an important asset to Tyco Fire and Security's finance team. I look forward to working with him again in our important Fire and Security division."
Jerry R. Boggess, President of Tyco Fire and Security, said: "I am pleased to have Mark Schmitz become a member of our executive team. His vast experience and knowledge of corporate finance will make him a great asset to the Company. He is an outstanding leader with an exceptional reputation in the financial community."
Mr. Schmitz said: "Tyco Fire and Security is a great business with
tremendous potential for growth, given the increasing global concerns about every aspect of safety. I am excited about the challenges of this new opportunity and I look forward to working closely with my new colleagues."
Mr. Schmitz joins Tyco from Plug Power Inc., where he had served as Vice President and Chief Financial Officer since 2001. Prior to joining Plug Power, Mr. Schmitz spent 22 years at General Motors Corporation. While at GM, Mr. Schmitz served as Vice President and Chief Financial Officer of DirecTV Latin America where he was responsible for finance and operations throughout Latin America and the Caribbean. He also held numerous positions while working for General Motors do Brasil in Sao Paulo, Brazil, including Executive Director of Finance, Treasurer, Controller and President of GM's finance company in Brazil, Banco General Motors.
Earlier in his career, Mr. Schmitz was an Executive Assistant to the
President and CEO of GM in Detroit. He also held various analyst and
managerial positions at General Motors, including controllership of one of the North American car groups and Director of Capital Analysis and Planning in the New York Treasurer's Office. Mr. Schmitz received his MBA in Finance from Ohio State University and a BA in Chinese Language and Literature from Ohio State University.
About Tyco International Ltd.
Tyco International Ltd. is a diversified manufacturing and service company. Tyco is the world's largest manufacturer and servicer of electrical and electronic components; the world's largest designer, manufacturer, installer and servicer of undersea telecommunications systems; the world's largest manufacturer, installer and provider of fire protection systems and electronic security services and the world's largest manufacturer of specialty valves. Tyco also holds strong leadership positions in medical device products, and plastics and adhesives. Tyco operates in more than 100 countries and had fiscal 2002 revenues from continuing operations of approximately $36 billion.
About Tyco Fire and Security
Tyco Fire & Security designs, manufactures, installs and services electronic security systems, fire protection, detection and suppression systems, sprinklers and fire extinguishers. Tyco Fire & Security includes more than 60 brands, which are represented in more than 100 countries. Its products are used to safeguard firefighters, prevent and fight fires, deter thieves and protect people and property.
Forward-Looking Statements
This release may contain certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements.
The forward-looking statements in this release include statements addressing the following subjects: future financial condition and operating results. Economic, business, competitive and/or regulatory factors affecting Tyco's businesses are examples of factors, among others, that could cause actual results to differ materially from those described in the forward-looking statements.
More detailed information about these and other factors is set forth in
Tyco's Annual Report on Form 10-K for the fiscal year ended September 30, 2002. Tyco is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
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Kathy Manning (Investors)
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