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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Tyco Intl. | LSE:TYI | London | Ordinary Share | BM9021241064 | COM SHS $0.20 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:2752I Tyco International Ld 04 March 2003 FOR IMMEDIATE RELEASE TYCO APPOINTS ROBERT OTT AS VP CORPORATE AUDIT AND RICHARD BARAN AS CORPORATE OMBUDSMAN Both Positions to Report to Board's Audit Committee Pembroke, Bermuda, March 4, 2003 - Tyco International Ltd. (NYSE: TYC, BSX: TYC, LSE: TYI) today announced the appointments of Robert J. Ott as Vice President Corporate Audit and of Richard L. Baran as the Company's new Corporate Ombudsman. Both these positions will report directly to the Audit Committee of the Board of Directors. Mr. Ott will be responsible for overseeing all aspects of the Tyco's internal audit program, including developing an audit plan, managing and executing audits, and recommending improvements to internal controls and operating processes. To that end, he will bring a systematic, disciplined approach to evaluating and improving controllership, and perform audits to determine the reliability and integrity of financial information and compliance with policies. As Corporate Ombudsman, Mr. Baran will act as an impartial, confidential and independent source in addressing and resolving any concerns about Tyco's operations and management from various sources, including employees, customers, suppliers, and the financial and regulatory communities. To further bolster the effectiveness of the Ombudsman, the Company has established a confidential toll free number that these sources can use to report their concerns to the Ombudsman. Ed Breen, Tyco Chairman and CEO, said: "Good corporate governance does not result from a single appointment at the top of the management pyramid. It takes a concerted effort throughout the organization and clear lines of responsibility for instituting and maintaining the highest standards. The assignment of these two respected, experienced executives will further strengthen the team that we are establishing to ensure that Tyco is known throughout the financial community for best practices in the area of corporate governance." Jerry York, Chairman of the Audit Committee of the Board of Directors, said, " Bob Ott and Rick Baran have the right background and the necessary personal integrity for these sensitive positions and I know they will help us build the credibility of this company. Tyco's decision to significantly reinforce their independence by having both men report to the Audit Committee of the Board rather than to senior management reflects Tyco's commitment to strengthen corporate governance infrastructure and to institute strict oversight throughout the company. As far as I know, this practice is unique to Tyco, but I believe it should become an industry standard." Since August 2002, Mr. Ott has been Tyco's Vice President of Finance-Corporate Governance, responsible for coordinating the second phase of the Company's internal investigation into the conduct of Tyco's previous management, as well as performing an assessment of business controls throughout the corporation. Prior to his Tyco appointment, Robert Ott was Chief Financial Officer of Multiplex, Inc. Before that, he held senior financial positions at SourceAlliance, Motorola, General Instrument, and Deloitte & Touche. Mr. Ott is a Certified Public Accountant and holds a Bachelor's degree in accounting from the University of Notre Dame. Richard Baran comes to Tyco from General Electric, where he was most recently Manager Finance, Global Sourcing for GE Power Systems. Since 1993, he has held a variety of financial management positions at a number of General Electric divisions, including GE Energy Services, GE Hydro, Power Plant Systems, Corporate Environmental Programs and the Plastics Division. Mr. Baran holds a Master's degree in Business Administration and a law degree from the University of Connecticut and earned his Bachelor's degree in Business Administration from the University of Massachusetts. About Tyco International Ltd. Tyco International Ltd. is a diversified manufacturing and service company. Tyco is the world's largest manufacturer and servicer of electrical and electronic components; the world's largest designer, manufacturer, installer and servicer of undersea telecommunications systems; the world's largest manufacturer, installer and provider of fire protection systems and electronic security services and the world's largest manufacturer of specialty valves. Tyco also holds strong leadership positions in medical device products, and plastics and adhesives. Tyco operates in more than 100 countries and had fiscal 2002 revenues from continuing operations of approximately $36 billion. # # # Contact: Gary Holmes (Media) 212-424-1314 Kathy Manning (Investors) 603-334-3900 This information is provided by RNS The company news service from the London Stock Exchange END MSCUSUVRORRORAR
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