New CFO - That didn't take long.
Market likes the news. On its face, his experience at UTX looks just right.
>>>>>>>>>>>>>WSJ Online<<<<<<<<<<<<<<<<<<<<
Mr. FitzPatrick, 48 years old, will succeed Mark Swartz as Tyco's chief financial officer. The struggling conglomerate announced Mr. Swartz's planned departure last month, days after the arrival of Edward D. Breen, its new chief executive.
Tyco, based in Bermuda, has nominal U.S. headquarters in Exeter, N.H. The concern has been beset this year by questions about its past accounting practices, strategic missteps and concerns about its liquidity. Tyco also was rocked in June by the sudden departure of CEO L. Dennis Kozlowski just before his indictment on sales-tax evasion charges.
Mr. FitzPatrick offers Tyco "experience in companies that are aligned to Tyco's industrial portfolio," one person close to the situation said. "His breadth of understanding of global industrial companies makes him a unique choice for Tyco."
It isn't clear how soon Mr. FitzPatrick will begin his new job. He couldn't be reached for comment Tuesday night.
Mr. FitzPatrick joins Tyco from United Technologies, a diversified manufacturer based in Hartford, Conn., where he had been the chief financial officer and a senior vice president. He has held those titles since he joined the concern in 1998. Mr. FitzPatrick previously served as controller of Eastman Kodak Co. for three years; he also spent 18 years in a variety of finance-management posts at General Motors Corp. |
