Ott & Baran appointment
March 04 2003 - 10:21AM
UK Regulatory
RNS Number:2752I
Tyco International Ld
04 March 2003
FOR IMMEDIATE RELEASE
TYCO APPOINTS ROBERT OTT AS VP CORPORATE AUDIT AND
RICHARD BARAN AS CORPORATE OMBUDSMAN
Both Positions to Report to Board's Audit Committee
Pembroke, Bermuda, March 4, 2003 - Tyco International Ltd. (NYSE: TYC, BSX: TYC,
LSE: TYI) today announced the appointments of Robert J. Ott as Vice President
Corporate Audit and of Richard L. Baran as the Company's new Corporate
Ombudsman. Both these positions will report directly to the Audit Committee of
the Board of Directors.
Mr. Ott will be responsible for overseeing all aspects of the Tyco's internal
audit program, including developing an audit plan, managing and executing
audits, and recommending improvements to internal controls and operating
processes. To that end, he will bring a systematic, disciplined approach to
evaluating and improving controllership, and perform audits to determine the
reliability and integrity of financial information and compliance with policies.
As Corporate Ombudsman, Mr. Baran will act as an impartial, confidential and
independent source in addressing and resolving any concerns about Tyco's
operations and management from various sources, including employees, customers,
suppliers, and the financial and regulatory communities. To further bolster the
effectiveness of the Ombudsman, the Company has established a confidential toll
free number that these sources can use to report their concerns to the
Ombudsman.
Ed Breen, Tyco Chairman and CEO, said: "Good corporate governance does not
result from a single appointment at the top of the management pyramid. It takes
a concerted effort throughout the organization and clear lines of responsibility
for instituting and maintaining the highest standards. The assignment of these
two respected, experienced executives will further strengthen the team that we
are establishing to ensure that Tyco is known throughout the financial community
for best practices in the area of corporate governance."
Jerry York, Chairman of the Audit Committee of the Board of Directors, said, "
Bob Ott and Rick Baran have the right background and the necessary personal
integrity for these sensitive positions and I know they will help us build the
credibility of this company. Tyco's decision to significantly reinforce their
independence by having both men report to the Audit Committee of the Board
rather than to senior management reflects Tyco's commitment to strengthen
corporate governance infrastructure and to institute strict oversight throughout
the company. As far as I know, this practice is unique to Tyco, but I believe
it should become an industry standard."
Since August 2002, Mr. Ott has been Tyco's Vice President of Finance-Corporate
Governance, responsible for coordinating the second phase of the Company's
internal investigation into the conduct of Tyco's previous management, as well
as performing an assessment of business controls throughout the corporation.
Prior to his Tyco appointment, Robert Ott was Chief Financial Officer of
Multiplex, Inc. Before that, he held senior financial positions at
SourceAlliance, Motorola, General Instrument, and Deloitte & Touche. Mr. Ott is
a Certified Public Accountant and holds a Bachelor's degree in accounting from
the University of Notre Dame.
Richard Baran comes to Tyco from General Electric, where he was most recently
Manager Finance, Global Sourcing for GE Power Systems. Since 1993, he has held
a variety of financial management positions at a number of General Electric
divisions, including GE Energy Services, GE Hydro, Power Plant Systems,
Corporate Environmental Programs and the Plastics Division. Mr. Baran holds a
Master's degree in Business Administration and a law degree from the University
of Connecticut and earned his Bachelor's degree in Business Administration from
the University of Massachusetts.
About Tyco International Ltd.
Tyco International Ltd. is a diversified manufacturing and service company.
Tyco is the world's largest manufacturer and servicer of electrical and
electronic components; the world's largest designer, manufacturer, installer and
servicer of undersea telecommunications systems; the world's largest
manufacturer, installer and provider of fire protection systems and electronic
security services and the world's largest manufacturer of specialty valves.
Tyco also holds strong leadership positions in medical device products, and
plastics and adhesives. Tyco operates in more than 100 countries and had fiscal
2002 revenues from continuing operations of approximately $36 billion.
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Contact: Gary Holmes (Media)
212-424-1314
Kathy Manning (Investors)
603-334-3900
This information is provided by RNS
The company news service from the London Stock Exchange
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