Tyco International Ltd. said L. Dennis Kozlowski resigned as chairman and chief executive officer for “personal reasons.”
John F. Fort, formerly chairman and CEO at Tyco for 10 years, agreed to assume primary executive responsibilities during an interim period while a search for a permanent replacement is completed, Tyco said in a release distributed by PR Newswire.
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Locally, Tyco owns ChipCoolers in Warwick, Tyco Fire and Security Products in Cranston, SimplexGrinnel in East Providence, AFC Cable Systems of Providence, and ADT Security. There are more than 400 Rhode Islanders employed at these five companies.
The company said it still plans to complete the initial public offering of its CIT Group finance unit by the end of June.
Tyco fell 98 cents to $20.97 in German trading. The shares rose 45 cents to $21.95 in Friday after declining 63 percent this year.
Tyco is based in Bermuda and run from executive offices in Exeter, New Hampshire. The company is the biggest maker of electronic connectors, undersea fiber-optic cable, valves used in the oil and natural-gas industries and fire and security systems.
Bloomberg News
