TYCO'S CEO: TIME TO WALK THE PLANK

摘要

For most of his time at the helm of Tyco International, CEO Dennis Kozlowski seemed to be an investor's dream come true. Over the past decade, Kozlowski appeared to transform an obscure industrial conglomerate into a powerhouse that by last December enjoyed a higher market capitalization than Ford Motor, General Motors, and Daimler-Chrysler combined. And that success had plenty of rewards for Kozlowski, a passionate sailor. Since 2000, Tyco has sponsored a high-tech yacht to compete in the around-the-globe Volvo Ocean Race. Now, however, Captain Kozlowski appears to have lost his bearings. As questions swirl around the company's accounting practices and the prices it paid to do deals, Kozlowski has spent the past four months wildly zigzagging in an effort to quiet the controversy and shore up Tyco's sliding stock, which is off 66% since Jan. 1. All told, some $80 billion in market value has been washed away. With his credibility gone and no clear direction in sight, it's time for Kozlowski to give up the helm.