Mr. Ripp said, "Since my election as Chief Executive Officer of AMP, I have worked hard to implement the Profit Improvement Plan and increase
shareholder value. Our merger with Tyco is a reflection of that work. During the past seven months we have continued to take the necessary actions to improve AMP's profitability. "My tenure as CEO of AMP has been one of the most rewarding and challenging of my career. I'm sure that the AMP shareholders who receive Tyco stock will continue to benefit from the steps we have already taken to enhance revenue and streamline operations. However, I have come to realize that I want to pursue a number of other exciting opportunities. As such, I have decided to resign effective April 30, 1999 and not stand for election to Tyco's board of directors," concluded Mr. Ripp.
L. Dennis Kozlowski, Chairman and Chief Executive officer of TycoInternational Ltd., said, "I appreciate all of Bob's efforts and contributions at AMP and wish him well in his new endeavors."
Tyco International Ltd., a diversified manufacturing and service company, is the world's largest manufacturer and installer of fire protection systems, the largest provider of electronic security services, the largest manufacturer of flow control valves, and has strong leadership positions in disposable medical products, plastics and adhesives, electrical and electronic components and underwater telecommunications systems. The company operates in more than 80 countries around the world and has expected fiscal 1999 revenues in excess of $22 billion.