At the request of Tyco's Board, John F. Fort has agreed to assume primary executive responsibilities during an interim period while a search for a permanent replacement is completed. All operating units and corporate staff will report through Mr. Fort.
Mr. Fort has been associated with Tyco for over 28 years. He held the post of Chairman and CEO for 10 years, from 1982 until 1992. Since 1992, he has been an active member of the Board and he is currently the lead director. This position acts as the primary liaison between management and the outside directors.
The Board reaffirmed its commitment to the complete monetization of CIT, Tyco's financial services subsidiary, and to a significant reduction in the amount of debt.
"We plan to complete the IPO of CIT by the end of June," commented Mr. Fort. "Also, I fully support the evolution of the Company's long-term operating strategy to focus more on organic growth. We will continue with our plans to make Return on Capital a key part of our compensation system along with earnings growth and cash flow."
Mr. Fort continued, "During his tenure, Dennis Kozlowski grew Tyco to a $36 billion manufacturer and service provider operating in over 100 countries. We wish him well and thank him for his contributions. Looking forward, Tyco's strong fundamental businesses and talented workforce position the Company to continue to prosper in the years ahead."