Tyco International Delays Announced Board Changes

August 06, 2002 by Jeff Shepard

Tyco International Ltd. (Pembroke, Bermuda) announced that it will not go forward at this time with its previously announced proxy statement proposing an increase in the maximum size of the board of directors from 11 to 15. Ed Breen, Tyco's new chairman and CEO, stated that he will work with the board to determine actions to be taken, including changes to the composition of the board.

"Over the coming weeks, I will develop a specific action plan for the company that will address four top priorities: restore confidence in Tyco with our employees, suppliers, customers and the financial community; enhance and strengthen the core businesses; ensure that we have the highest standards of corporate governance in place; and create value for shareholders," Breen said.