Tyco International (ticker: TYC, exchange: New York Stock Exchange (.N))
News Release -
Tyco Appoints David J. Fitzpatrick as Executive Vice President And Chief Financial OfficerPEMBROKE, Bermuda, Sep 11, 2002 /PRNewswire via COMTEX/ --
Former CFO of United Technologies Offers More Than Two Decades of Financial Experience at Leading Companies Tyco International
Ltd. (NYSE: TYC, BSX: TTYI) today announced that David J. FitzPatrick has been
appointed Executive Vice President and Chief Financial Officer for the company.
Mr. FitzPatrick joins Tyco from United Technologies Corporation, where he has
been Senior Vice President and Chief Financial Officer since 1998.
Edward D. Breen, Chairman and Chief Executive Officer of Tyco, said, "One of my
highest priorities is building an exceptionally capable management team that
will bring top talent and experience to the challenges and opportunities we face
at Tyco. Dave FitzPatrick is a world-class executive with exceptional
credibility in the financial community and I am extremely pleased that he is
joining the new team at Tyco. His experience and accomplishments at United
Technologies and earlier at Kodak and General Motors are right on target for the
needs here. Dave's respect and reputation among the financial community for
uncompromising integrity, and his overall grasp of financial and business
issues, are strengths that I value highly. He is a perfect fit for Tyco."
Mr. FitzPatrick said, "Tyco represents a tremendous opportunity for me. The
company's operating businesses are familiar to me and playing a role in
maximizing value with Ed Breen and his management team is a great professional
challenge. Ed's commitment to building a strong management team dedicated to the
highest standards of corporate governance was a prerequisite. Tyco faces
significant challenges, yet I am confident we will meet them while serving the
interests of investors, customers and employees."
Mr. FitzPatrick's appointment is effective immediately. He succeeds Mark Swartz,
who, as previously reported, has resigned from the company.
Mr. FitzPatrick has served as Senior Vice President and Chief Financial Officer
for United Technologies Corp. since June 1998. United Technologies Corp. (UTC)
is a global leader of building systems and aerospace products. Carrier, Otis,
Pratt & Whitney, Hamilton Sundstrand, and Sikorsky are among its well-known
Earlier, Mr. FitzPatrick was Vice President and Corporate Controller for Eastman
Kodak Company. He also enjoyed an 18-year career with the General Motors
Corporation, culminating with his responsibilities as Chief Financial Officer,
Cadillac Luxury Car Division.
Mr. FitzPatrick graduated from the J. L. Kellogg School at Northwestern
University with a master's degree in management. He also holds a bachelor's
degree in accounting from the University of Illinois, where he graduated with
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 2001 revenues
from continuing operations of approximately $34 billion.
FORWARD LOOKING STATEMENTS
This release may contain certain "forward-looking statements" within the meaning
of the United States Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and are subject to
risks, uncertainty and changes in circumstances, which may cause actual results,
performance or achievements to differ materially from anticipated results,
performance or achievements. All statements contained herein that are not
clearly historical in nature are forward looking and the words "anticipate,"
"believe," "expect," "estimate," "plan," and similar expressions are generally
intended to identify forward-looking statements. The forward-looking statements
in this release include statements addressing the following subjects: future
financial condition and operating results. Economic, business, competitive
and/or regulatory factors affecting Tyco's businesses are examples of factors,
among others, that could cause actual results to differ materially from those
described in the forward-looking statements.
More detailed information about these and other factors is set forth in Tyco's
Annual Report on Form 10-K for the fiscal year ended September 30, 2001, and in
Tyco's Quarterly Report on Form 10-Q, for the quarter ended June 30, 2002. Tyco
is under no obligation to (and expressly disclaims any such obligation to)
update or alter its forward-looking statements whether as a result of new
information, future events or otherwise.
Contact: Gary Holmes (Media)
Kathy Manning (Investors)
SOURCE Tyco International Ltd.
CONTACT: Gary Holmes, Media, +1-212-424-1314, or Kathy Manning,
Investors, +1-603-775-2159, both of Tyco International Ltd.
Copyright (C) 2002 PR Newswire. All rights reserved.