PEMBROKE, Bermuda, May 31 /PRNewswire-FirstCall/ -- Tyco International
Ltd. ("Tyco") (NYSE: TYC) (BSX: TYC) today announced a number of
operational leadership appointments in preparation for the company's
separation into three publicly traded companies. The organizational changes
will align Tyco International's operational leadership with the company's
post-separation structure consisting of ADT Worldwide, Fire Protection
Services, Flow Control, Safety Products, and Electrical and Metal Products.
"As we approach the final stages of our separation, the appointments we
are announcing today provide Tyco International with strong operational
leadership to achieve our long-term goals," said Ed Breen, Tyco's Chairman
and Chief Executive Officer. "These changes are the latest in a series of
steps we have taken over the last year to create a more lean and efficient
organization for Tyco International."
The organizational changes include the appointment of the following
executives to positions reporting to Breen:
-- Naren Gursahaney, 45, is appointed President of ADT Worldwide including
ADT North America and all of Tyco's Fire & Security operations outside
North America. Gursahaney joined Tyco International in 2003 and led
Tyco's worldwide Operational Excellence efforts prior to being named
President of Tyco Flow Control in January 2005. He was named President
of Tyco Engineered Products & Services in January 2006. Prior to
joining Tyco, Gursahaney spent 10 years at General Electric where he
held a number of senior leadership roles in the Power Systems and
Medical Systems divisions including the position of President and CEO
of General Electric Medical Systems - Asia.
-- Dean Seavers, 46, President of SimplexGrinnell will continue in his
current role and will now report to Breen. Seavers joined Tyco in 1999
and became Senior Vice President of Operations for the Southeast U.S.
Region in the ADT business in July 2001 before moving to
SimplexGrinnell as President in February 2004. Prior to joining Tyco,
Seavers held key operational roles with Ford Motor Company and PepsiCo.
-- George Oliver, 46, President of Tyco Safety Products since July 2006
will continue in his current role and will assume added responsibility
for Tyco Electrical and Metal Products. Oliver joined Tyco in 2006
after a 24-year career with General Electric where he was President and
CEO of GE's Water and Process Technologies division from 2002 to 2006.
At GE, he also held senior operational positions of increasing
responsibility within the Aircraft Engines and Consumer Products
divisions.
-- Patrick Decker, 42, is appointed President of Tyco Flow Control. Decker
joined Tyco in May 2003 as the Chief Financial Officer of Tyco's
Plastics & Adhesives business and was named CFO of the Engineered
Products and Services business in January 2005. Prior to joining Tyco,
Patrick spent 13 years at Bristol-Myers Squibb in a series of key
finance roles both in the U.S. and internationally, including Vice
President of Finance and Business Development for the Mead Johnson
Nutritionals business.
As a result of these organizational changes, Dave Robinson, President
of Fire & Security, will leave Tyco by the end of the fiscal year. Robinson
joined Tyco in 2002 and has served in the Fire & Security role since 2003.
Stated Breen: "Dave assumed his responsibilities at a difficult time and
has been instrumental in stabilizing the business and building a foundation
for the future. We thank Dave for his leadership of the Fire & Security
segment as we prepare to transition to our new Tyco International
structure."
About Tyco
Tyco International Ltd. is a global, diversified company that provides
vital products and services to customers in four business segments:
Electronics, Fire & Security, Healthcare, and Engineered Products &
Services. With 2006 revenue of $41 billion, Tyco employs approximately
240,000 people worldwide. More information on Tyco can be found at
http://www.tyco.com.
Forward-Looking Statements
This release may contain certain forward-looking statements. 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. 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. More detailed information about these and other factors is set
forth in Tyco's Annual Report on Form 10-K and 10-K/A for the fiscal year
ended Sept. 29, 2006 and in Tyco's Quarterly Report on Form 10-Q and for
the fiscal quarter ended March 30, 2007.
Tyco International Ltd. has filed a registration statement (including a
prospectus) with the SEC for the offering to which this communication
relates. Before you invest, you should read the prospectus in that
registration statement and other documents Tyco has filed with the SEC for
more complete information about the issuer and this offering. You may get
these documents for free by visiting EDGAR on the SEC Web site at
http://www.sec.gov. Alternatively, the issuer, and underwriter or any dealer
participating in the offering will arrange to send you the prospectus if
you request it by calling collect 1-609- 720-4333.
SOURCE Tyco International Ltd.
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Related links:
http://www.tyco.com/
CONTACT:
Media, Paul Fitzhenry, +1-609-720-4261, or
Investors, Ed Arditte, +1-609-720-4621, or Karen Chin,
+1-609-720-4398, all for Tyco International Ltd.
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