Tyco International Ltd., one of the largest electrical conglomerates, is in the news this week with the resignation of Chairman and Chief Executive Officer L. Dennis Kozlowski.
Kozlowski resigned abruptly for what the company called “personal reasons,” but told board members on May 31 that he was the subject of a criminal investigation of possible evasion of sales taxes in New York.
Kozlowski was indicted June 4 on charges that he avoided sales taxes on expensive artwork, a day after he resigned from Tyco.
Tyco named Kozlowski's predecessor, John F. Fort, to take the reins at the company pending a search for a new CEO.
Tyco owns a stable of well-known electrical manufacturers that it acquired in recent years, including AFC Cable Systems, Allied Tube & Conduit, Unistrut, AMP, ADT and Simplex.
Kozlowski was a Wall Street darling during the late '90s when Tyco's stock price traded above $60. At press time, the stock price was $16.60.