Industry News

Tyco CFO David FitzPatrick to Retire at End of 2005; Christopher Coughlin, Former Pharmacia and Nabisco CFO, Named Successor

Published on 2005-03-08. Author : SpecialChem

PEMBROKE, Bermuda -- Tyco International Ltd. (NYSE: TYC; BSX: TYC) announced that David J. FitzPatrick, 50, Tyco's executive vice president and chief financial officer since September 2002, will retire from the company at the end of 2005 to pursue other personal and professional interests.

Tyco's board of directors has elected Christopher J. Coughlin, 52, to succeed FitzPatrick as Tyco's executive vice president and chief financial officer, effective March 7. Coughlin was recently chief operating officer and chief financial officer at The Interpublic Group, and he also previously served as chief financial officer at Pharmacia Corporation, Nabisco Holdings, and Sterling Winthrop.

"We respect Dave's desire to move on, and everyone at Tyco is enormously thankful for his outstanding contributions," said Tyco Chairman and Chief Executive Officer Ed Breen. "Dave has built a first-rate finance organization at Tyco, and his personal commitment to the highest standards of accountability, transparency, and integrity have helped us to set the tone for how Tyco does business today.

"I am pleased that Dave will remain on board with Tyco until the end of the year, both to ensure a smooth transition and to assist me with a number of strategic initiatives to create additional value for our shareholders."

FitzPatrick said, "Tyco's exceptional collection of businesses, growth potential, new operating discipline, and operating margin runway all bode well for a bright future. I'm thankful to have contributed to Tyco's turnaround, particularly in the areas of liquidity and capital structure. After my departure, I look forward to spending more quality time with my family and pursuing private equity and corporate turnaround opportunities."

Breen continued, "We are very fortunate to have an outstanding leader in Chris Coughlin to continue where Dave leaves off. Chris is an exceptional finance and operational executive who has delivered outstanding results and shareholder value by improving financial controls and successfully guiding companies toward consistent operational improvement and sustainable growth. Tyco will also benefit from Chris' broad experience in many industries important to Tyco -- including healthcare. Chris will be a vital contributor as we continue to accelerate Tyco's progress toward becoming a world-class operating company."

Most recently, Coughlin was chief operating officer and chief financial officer at The Interpublic Group, a leading global advertising and marketing services holding company. He joined Interpublic from Pharmacia Corporation, where he was chief financial officer for six years. Previously, he held the same position at Nabisco Holdings, where he also served as president of Nabisco International, and at Sterling Winthrop.

"Tyco's exciting business mix offers me a unique opportunity to apply my financial and operating experience, and I am thrilled to join Ed and his leadership team in writing the next chapter in Tyco's impressive turnaround," said Coughlin.

The company also confirmed earnings guidance for its fiscal second quarter and full year. The company expects to achieve earnings per share (EPS) from continuing operations of $0.45 to $0.47 for the second quarter and $1.88 to $1.98 for the full year. This EPS outlook excludes any charges related to divestitures or early retirement of debt. The company expects full year cash from operating activities of approximately $7 billion and free cash flow in excess of $4.5 billion. Both cash flow measures are before any voluntary pension contributions. Free cash flow is a non-GAAP financial measures and is described below.

Tyco International Ltd. is a global, diversified company that provides vital products and services to customers in five business segments: Fire & Security, Electronics, Healthcare, Engineered Products & Services, and Plastics & Adhesives. With 2004 revenue of $40 billion, Tyco employs approximately 260,000 people worldwide.

Source: Tyco International Ltd.

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