BusinessCompany NewsTyco told to pay out former divisional CFO

Tyco told to pay out former divisional CFO

Former vice president and division chief financial officer owed ?600,000

Embattled diversified conglomerate Tyco
International
has been told
it
owes severance pay and interest of about $1.2m (?600,000) to a former senior
executive.

Despite being accused of participating in the accounting scandal at Tyco, US
District Judge Gerard Lynch said Richard Power was due the money.

Power, a former vice president and division chief financial officer, sued the
company for breach of contract and about $9m in severance pay in 2002.

Power was fired by Tyco’s new management in 2002.

Further reading:

Tyco hands over PwC claim as it settles for $3bn

Ex-Tyco tax chief surrenders

Tyco satisfied with restatements

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