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Dennis Kozlowski Hired as CEO
Kozlowski purchased over 1000 companies during his time at Tyco and narrowed the focus of the company into three main areas. Kozlowski mainly built up Tyco (and inflated its stock price) through a series of strategic acquisitions and mergers. -
Tyco Purchases the CIT Group
Tyco spends $9.2 in cash and stock to acquire CIT group through Frank Walsh. -
Tyco Shares Close at $59.76 on NYSE
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Dennis Kozlowski, Tyco CEO listed at one of top 25 managers in 2001 by Business Week
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Tyco Splits Into Four Companies
Kzlowski splits Tyco into four publicly traded companies which causes the price of Tyco shares to fall. -
Tyco Shares Drop
RIght after the announcement of the split, shares drop and and Walsh recieved a $10 million fee on the CIT group deal in addition to $10 million at another charity where he was a director. -
Kozlowski and Swartz Lie About Selling Stock
Both Kozlowski and Swartz were reported by the New York Times to have sold over $100 million in stock in the prior fiscal year even though they stated they never sold stock. -
Kozlowski Resigns
As Kozlowki resigns he is said to be under a sales tax evasion investigation. -
Kozlowski Accused
Kozlowski is accused of conspiring to avoid $1 million in sales tax on art purchases. -
New Tyco CEO
Edward Breen reaplces Kozlowski and immediately starts to revise accounting processes. -
Another Indictment Announced, Now of Kozlowski and Swartz
Kowlowski and Swartz accudsed of enterprise corruption for stealing $170 million from Tyco and taking $430 by fraud in the sale of company shares. -
Former Tyco Board Member Pleads Guilty
Frank Walsh pleads guilty to trying to hide $20 million in fees from the CIT Group deal. -
Trial of Kozlowski and Swartz Begins
The jury is shown videos of outlandish parties for Kozlowski and furnishings in lavish apartments funded and owned by Tyco. -
Mistrial Declared
Juror gives "thumbs up" sign to defense lawters and another recieves a letter persuading her to convict Kozlowski and Swartz. -
Second Trial for Kozlowski and Swartz Begins
While opening statements are taken, focus is placed on the money stolen, and not the furnishings or parties bought with Tyco's money. -
Stakeholder Reactions
Kozlowski, Swartz, Benick, and Walsh, the four major stakeholders are found guilty. Edward Breen quickly resumed control of Tyco as CEO and the company is still around today. -
Kozlowski Testafies
Kozlowski states that all of the Tyco payments and benefits recieved were properly disclosed. -
Aftermath of Tyco Case
Eric Pillmore implemented a succesful ethics program at Tyco and Tyco won the Center for Corporate Change Award in 2004. -
Kozlowski and Swartz Declared Guilty
Kozlowski and Swartz found guilty for stealing $150 million from Tyco and sentenced up to 25 years in prison.
