Tyco CFO may go in boardroom clearout
Tyco chief financial officer Mark Swartz could be among the directors to be cleared from the company board in a bid to rebuild investor confidence in the scandal-stricken company.
Lord Ashcroft, former treasurer of the Tory party and a director at Tyco, is reported to have proposed that he along with eight of the company’s 11 directors should resign as part of a radical shake up of the board.
Tyco has been hit by scandal following the resignation of Dennis Kozlowski after he was indicted for sales tax evasion.
Lord Ashcroft is said to have made his proposal to the company board on Wednesday last week.