Tyco hires new fire, security division head

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Thursday, May 1, 2003

PEMBROKE, Bermuda - As a result of more accounting issues, this time in its European Fire & Security division, Tyco officials last month announced that it had fired division head Jerry Boggess and replaced him with the chief of another Tyco division.

Officials gave no specific reason for Boggess’ departure, but the termination follows a reorganization of the European fire and security division under a single management team and the compliance of that business to certain accounting and other policies, according to the company. A company spokesperson could not be reached by press time.

Boggess, who had served in that position for about a decade, is one in a string of executives let go over the past few months, most of whom served for many years under Dennis Kozlowski, Tyco’s former president and chief executive officer who was indicted last summer on fraud charges. The new president and CEO, Edward Breen, formerly Motorola’s president and CEO, has cleaned house of many of these executives since his appointment in August 2002.

“(David) Robinson comes along with Ed Breen at Motorola, and he doesn’t have a security background,” said Jack Mallon, industry analyst with Mallon Capital. “He may bring objectivity to the job and enable the company to take a good, clear, fresh look at operations in that division.”

Most recently, Robinson was head of Tyco Plastics & Adhesives, but he worked with Breen at Motorola for 17 years.