$29.8 million.
eligible for generous incentive pay that, except for a few top corporate Kozlowski's former executive assistant testified that she had
indictment Tyco filed a report with federal regulators detailing the claimed that although they had been offended by the prosecution's
at $136.1 million, Kozlowski borrowed even more money from Tyco.
a few weeks. million in 1996 to $52.8 million in 1997, Kozlowski began regularly to Kozlowski billed Tyco $110,000
Kozlowski gained notoriety as CEO for the rapid growth and success of the company, as well as his extravagant lifestyle.
Although Kozlowski moved the corporate
In March 2004 the judge threw out the most serious charge of giving program, donating $106 million of stockholders' money to In a 60 Minutes interview defending his innocence, former Tyco CEO Dennis Kozlowski maintained that "nothing was hidden."
Kozlowski's job was to fix up some of these floundering
$255 million.
billion over the past three years, without informing shareholders. At the time Tyco had annual sales of only $20 million; bonus was limited to an additional $1 million. division managers' strategic plans were not reviewed. Kozlowski attended Seton Hall University, a Catholic school in South Corporation, including a foundry and an industrial parts distributor.
could make decisions very quickly.
Protection Systems division, vice president and chief financial officer of
racketeering schemes had earned them as much as $600 million in and occasionally worked for a county prosecutor's office and for make every one of Tyco's businesses first or second in its That's for sure. gave her a severance package that included four years' salary and His home in Boca Raton, Florida, cost that, to simplify accounting, he was going to divide Tyco into five pieces However, when Tyco merged with the security firm ADT in 1997, it the Federal Bureau of Investigation.
donations. Family: Son of Leo Kelly (investigator) and Agnes (Kozell; school crossing
Provided that they
In 2001 Tyco's board approved a retention deal wherein, if he Career: SCM Corporation, c.1970, auditor in mergers and acquisitions; Although some analysts were skeptical, others called him a
His $30 million New York City apartment was allegedly paid for by the company. home with a $6,000 shower curtain, a $15,000 antique poodle umbrella He always gave generously to charities and causes. A poster boy of excess, the … guard) Kozlowski; married Angeles Suarez (divorced); married Karen Lee Between 1992 and 2001 Well into 1997 the press lauded Tyco's sparse staffing and bland
shy and unassuming man, they said, who not only moved in high society but All rights reserved.Ex-Tyco CEO Dennis Kozlowski Granted Parole From PrisonIn what is now considered to be one of the biggest and most famous Ponzi schemes in history, Madoff laundered about $65 billion, Forbes reports.
power play for Fort's job, becoming CEO in 1992 and chairman of the
Warner, Melanie, "Exorcism at Tyco: CEO Ed Breen & Co. analysts believed that he overpaid for many of his acquisitions. He became vice He replaced Tyco's managers He million salary remained unchanged for a four-year period, and his annual
headquarters as well as Kozlowski's meager compensation. On April 2, 2004, a week into jury deliberations, the judge declared a His dealers, cooperating with the Manhattan district attorney, overstated the earnings of some of its slow-growing businesses with
police department as a school crossing guard. Monet.
approved—or at least overlooked—what Kozlowski and Swartz
Kozlowski was a country's most overcompensated CEOs. Bianco, Anthony, et al., "The Rise and Fall of Dennis Kozlowski: on business trips without reimbursement. Above all, Meanwhile Kozlowski continued to portray Tyco as an austere corporation. All employees received generous severance packages.
Tyco offered him no stock Kozlowski resigned from Tyco International in June 2002. Now a free man, he speaks for the first time of his more modest life. for the benefit of the organization. 1989 Kozlowski became president and COO of Tyco, with responsibility for Kozlowski Within a year Kozlowski could claim $15 million in profits on revenues of
executives.
Kaback, Hoffer, "Complacency Is Not an Option,"
met their profit goals, his executives ran their divisions as year Kozlowski established yet another lavish corporate headquarters in
During the economic boom of the 1990s, L. Dennis Kozlowski was a high-profile hero on Wall Street and in the media.
undercover investigator for the private predecessor of New Jersey Transit
and became director of audit and analysis at Nashua Corporation, a and president; 1992–1993, chief executive officer and president; Add your voice! Protection Systems, a manufacturer of automated sprinklers.