Tyco names managers for spinoffs
BOSTON (Bloomberg) — Tyco International Ltd. named more than 30 managers for its health-care and electronics divisions yesterday in preparation for spinning off the units next year.The staff will report to Rich Meelia, 57, who has run the health-care business since 1995, and Thomas Lynch, 52, who has led electronics since January, when both were named as the chief executives of the operations.
The rest of the company will be run by Tyco CEO Ed Breen, who has repaid debt, cut jobs and shut factories since he was hired in 2002 to succeed L. Dennis Kozlowski.
Breen decided to split the company after other changes hadn’t generated enough sales and profit growth to satisfy the board.
Charles Dockendorff, 52, will stay on as chief financial officer for Tyco Healthcare, the second-biggest maker of disposable medical products such as syringes and bandages.
The unit had $9.6 billion in sales in the fiscal year ended in September. Dockendorff was named the division’s CFO in 1995. Coleman Lannum, 42, will lead Tyco Healthcare’s investor relations.
Juergen Gromer, 61, will be president of the electronics unit, the world’s biggest maker of electronics connectors, which had $12.7 billion in fiscal 2006 sales.
He ran the division before Lynch’s appointment. Terrence Curtin, 38, will be chief financial officer. John Roselli, 34, a director of investor relations at the parent company, will lead that department for the electronics business.
Breen said last month that regulatory filings for the spinoffs would be complete in January.
Shares of Tyco, based in Bermuda and run from West Windsor, New Jersey, fell 10 cents to $29.89 at 4.02 p.m. in New York Stock Exchange composite trading.
They have risen 3.6 percent so far this year.