Wednesday March 1, 7:19 pm Eastern Time
Tyco CEO exercises options worth $139.7 million
EXETER, N.H., March 1 (Reuters) - Tyco International (NYSE:TYC - news) Chairman and Chief Executive Dennis Kozlowski
exercised stock options worth $139.7 million in 1999, according to a filing with the Securities and Exchange Commission on
Wednesday.
Kozlowski also earned roughly $30.6 million in salary, bonus, restricted stock awards and other compensation during the year ended Sept. 30, an increase of more
than $5 million from the year earlier.
Kozlowski also held unexercised stock options at the end of the year worth nearly $66 million -- of which all but $2.8 million worth were not exercisable.
The filing said Kozlowski's shares were transferred upon being exercised to the KFT Family Partnership L.P.
Tyco, a diversified manufacturer, has made numerous acquisitions in recent years, and recently unveiled plans to build and run a global undersea fiber optic
communications network. Tyco said it plans to offer 20 percent of the new firm in a public offering.
Tyco shares were hurt in late 1999 after some investors questioned its accounting practices and the SEC launched an inquiry. Some of that share price has since
been recovered, and Tyco stock closed at 38-7/16 on Wednesday, still below a 52-week high of 53-7/8.
Tyco, which is legally based in Bermuda, has said it has confidence in its accounting methods. |
