2 Tyco Directors Resign From Board
Tyco International Ltd., whose board was criticized for being lax under former Chairman L. Dennis Kozlowski, announced the first of an expected string of director resignations as the conglomerate works to restore investor confidence.
Tyco said Lord Michael Ashcroft and James Pasman Jr. resigned from the board. The remaining seven directors are expected to resign before the company’s annual meeting early next year.
The two men will be replaced by Micro Warehouse Inc. Chief Executive Jerome York and VF Corp. Chairman Mackey McDonald.
Tyco shares rose 69 cents, or 4.5%, to $16.04 on the NYSE.
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