Tyco Replaces A Third Board MemberDec 5, 2002 | South Florida Business Journal
As part of the continuing shakeup of its board, Bermuda-based Tyco International said another board member has resigned and been replaced.
George W. Buckley, chairman and chief executive officer of boat and marine engine manufacturer Brunswick Corp. will replace Joshua Berman, who resigned.
Berman joined the Tyco board in 1967 and is the third Tyco director to resign following the board's Sept. 12 decision that, following the appointment of Ed Breen as Tyco chairman and CEO, the board should consist of all new directors.
Breen said as a business leader with an understanding of the challenges facing a global company, Berman will bring a valuable perspective to the Tyco board.
The first Tyco board members resigned last month when Lord Michael Ashcroft and James S. Pasman Jr. left the board and Jerome York, chairman, president and CEO of computer products reseller Micro Warehouse, and Mackey J. McDonald, chairman, president and CEO of apparel manufacturer VF Corp., filled the vacation seats.
Eighteen-year board member Ashcroft had been a long-time advocate for the company to replace its entire board, which he said would help it regain a favorable corporate standing. Tyco's former CEO Dennis Kozlowski and former Chief Financial Officer Mark Swartz were charged in September with looting $600 million from Tyco through unauthorized compensation and stock sales. Kozlowski resigned in June.
Tyco employs 1,650 people at its executive offices and fire protection and electronic security services unit in Boca Raton.