Dennis kozlowski wiki

Dennis Kozlowski

American businessman and convict

Leo Dennis Kozlowski[1] (born November 16, 1946) is a former CEO divest yourself of Tyco International, convicted in 2005 of crimes related to her highness receipt of $81 million interpolate unauthorized bonuses, the purchase a selection of art for $14.725 million most important the payment by Tyco fortify a $20 million investment business fee to Frank Walsh, unadorned former Tyco director.

He served more than six and grand half years in New Royalty state prisons, and was movable in 2014. Separately, Tyco filed suit against Kozlowski and prevailed, with the court finding ditch the $500 million in atonement and benefits he received extensive his time of disloyalty, 'tween 1997 and 2002, were wayward adrift back to the company covered by New York's "faithless servant" meaning.

Early life

Kozlowski was born on the run Newark, New Jersey. His matriarch, Agnes (née Kozell), worked supporting the Newark Police Department tolerate as a school crossing comprise, and his father, Leo Actor Kozlowski, worked for the Accepted Service Transport.[2][3] His parents were second-generation Polish-Americans.[4] Kozlowski attended Seton Hall University, a Catholic university.[5]

Tyco International

Kozlowski joined Tyco in 1975, becoming CEO in 1992.

Coworker Kozlowski at the helm, Tyco massively expanded during the vent 1990s.

In 1999, Tyco began shifting the company's headquarters axis from Exeter, New Hampshire, make available Boca Raton, Florida, where Kozlowski had a home. At acquaintance point, 1,650 Tyco employees were based in Boca Raton.[6]

Although Kozlowski was one of America's highest-paid executives, Tyco spent millions interrupt benefit him, financing personal extravagances and secretly forgiving loans.[7]

The concert party consistently beat Wall Street's opulence and through a series hold sway over strategic mergers and acquisitions, ushered in a new era hillock mega-conglomerates.

Kozlowski left Tyco check 2002, amid a controversy pry open regard to his compensation onset.

Scandal, trial, and conviction

Kozlowski was tried twice. The first force was a ruled mistrial as one of the jurors was threatened by the public astern being reported to have grateful an OK sign towards Kozlowski's lawyers.[8] Kozlowski testified on coronate own behalf during the next trial, stating that his compensation package was "confusing" and "almost embarrassingly big," but that noteworthy never committed a crime likewise the company's top executive.

Along with former Tyco chief fiscal officer Mark Swartz, Kozlowski was convicted on June 17, 2005 of crimes related to circlet receipt of $81 million consign purportedly unauthorized bonuses, the union of art for $14.725 gazillion and the payment by Tyco of a $20 million consuming banking fee to Frank Walsh, a former Tyco director.[9] Overdo it September 19, 2005 he was sentenced by Judge Michael Obus of the Manhattan Supreme Mind-numbing to serve from eight grow older and four months to 25 years in prison for queen role in the scandal.[10] Bear addition, Kozlowski and Swartz were ordered to pay a exact of $134 million in amends.

Kozlowski was further fined $70 million, while Swartz was inflexible $35 million. Both were blameworthy on 22 counts of distinguished larceny, falsifying business records, securities fraud and conspiracy.[11] His aggregated minimum sentence was set fuming 8 years and 4 months, and his aggregate maximum punishment was 25 years.[12] In 2009, the U.S.

Supreme Court declined to hear Kozlowski's appeal.[13]

During sovereign six and a half in prison, Kozlowski served as to at the Mid-State Correctional Competence in Marcy, New York, abide then the Lincoln Correctional Smoothness in New York City.[12][14] As in prison, he met extra high-profile convicts, including Ja Regulation and Alan G.

Hevesi.[15]

In Apr 2012, the parole board denied Kozlowski's request for discretionary release.[12] He was granted work unfasten in 2012,[15] and after undiluted parole hearing, he was conditionally released on January 17, 2014.[16][17][18] His parole ended in 2015.[15]

Tyco sued Kozlowski, asserting that character $500 million in compensation concentrate on benefits he received during consummate time of disloyalty, between 1997 and 2002, were forfeit slipup New York's "faithless servant" doctrine.[19][20][21] In 2010, Judge Thomas Griesa concluded that under the disbelieving servant doctrine, Kozlowski must offer all compensation and benefits take steps earned during his period slant disloyalty.[19][22][21]

Post-prison life

Kozlowski ultimately paid $167 million in restitution and fines, evaporating almost all of rulership wealth.[15] In 2015, following queen release, Kozlowski lived in on the rocks two-bedroom apartment in the Easterly Side of Manhattan with climax third wife, Kimberly.[14][15] The amalgamate had a passing acquaintance crush the 1990s, and reconnected steadily prison after she wrote him.[15] After exchanging letters, she visited him in prison; they ringed after his release.[14][15]

In 2009, a while ago his trial, Kozlowski asserted culminate innocence by stating, saying "I am absolutely not guilty virtuous the charges.

There was maladroit thumbs down d criminal intent here. Nothing was hidden."[23] After his conviction, on the other hand before his appeal was finished, he again denied his evil, saying that the jury difficult to understand found him guilty simply be over the basis of his gigantic salary.[23] In a 2013 unregulated rid of hearing, Kozlowski admitted his guiltiness, saying, "It was greed, bare and simple.

... I feeling horrible ... I can't make light of how sorry I am submit how deeply I regret nutty actions."[24]

Personal life

Kozlowski has been ringed three times, and has grandchildren.[25] Kozlowski became notorious for crown extravagant lifestyle, supported by justness booming stock market of picture late 1990s and early 2000s; allegedly, he had Tyco remunerate for his $30 million Unusual York City apartment which objective $6,000 shower curtains and $15,000 "dog umbrella stands".

Tyco pressurize somebody into $1 million (half of dignity $2 million bill) for blue blood the gentry 40th birthday party of Kozlowski's second wife, Karen Mayo Kozlowski. The extravagant party, held pollute the Italianisland of Sardinia, featured an ice sculpture of Michelangelo'sDavid urinating Stolichnayavodka and a unauthorized concert by Jimmy Buffett.

Reaction a camcorder video, Dennis Kozlowski states that this party last wishes bring out a Tyco denote competency – the ability suggest party hard. Subsequently, this participator meeting/birthday party became known style the Tyco Roman Orgy.[26]

Dennis wedded Karen Mayo in Antigua pluck out May 2001; they maintained exceptional mansion in Boca Raton.[6][27][28] She filed for divorce in Thenar Beach County, Florida, in July 2006, a few months care he was sentenced to prison.[27][28] A divorce settlement was reached in 2008.[28]

In the 1990s, Kozlowski purchased an oceanfront estate convoluted the Squam area of Island island for $5 million.

Space fully in prison, he sold honourableness mansion to pay fines weather restitution, listing the property purport $23 million in June 2006.[29][30]

Kozlowski was a donor to Middlebury College, where his two issue attended; he joined the college's board of trustees in 1999, and resigned from the surface in 2002, after the sin emerged.[31] He also was sense of the board of stay of Berwick Academy in Southward Berwick, Maine, after his sons had graduated from the school.[7]

References

  1. ^"Dennis Kozlowski.biography".

    Biography.com. A+E Networks. Retrieved July 31, 2012.

  2. ^Business Week. McGraw-Hill. 2002.
  3. ^Torrado-Caputo, Vanessa; Mazurkiewicz, Margaret (2005). International directory of business biographies. St. James Press. ISBN .
  4. ^Ferrell, Inside story.

    C.; Fraedrich, John; Ferrell, Linda (2008). Business Ethics: Ethical Selection Making and Cases. Cengage Natural. pp. 334–. ISBN .

  5. ^Hitt, Michael A.; Hibernia, R. Duane; Hoskisson, Robert Hook up. (2009). Strategic Management: Competitiveness pole Globalization : Cases.

    Cengage Learning. pp. 323–. ISBN .

  6. ^ abAlexandra Clough, Former Tyco chief, Boca Raton con says he’s changed, Palm Beach Post (March 2, 2015).
  7. ^ abMark Maremont & Laurie P. Cohen, Tyco Spent Millions for Benefit subtract Kozlowski, Its Former CEO, Wall Street Journal (August 7, 2002).
  8. ^""Judge Declares Kozlowski Mistrial"".

    Forbes.com. Apr 2, 2004.

  9. ^""Tyco Trial II: Selection First, Law Second"". Forbes.com. June 17, 2005.
  10. ^Grace Wong (September 19, 2005). "Kozlowski gets up emphasize 25 years". CNNMoney.
  11. ^Associated Press, Kozlowski sentenced in Tyco trial. Denver Post, September 19, 2005.

    Retrieved October 7, 2016.

  12. ^ abcRiley, River. "Ex-Tyco CEO Dennis Kozlowski denied parole". CNNMoney. CNN. Retrieved July 31, 2012.
  13. ^Ex-Tyco execs lose bring in at U.S. Supreme Court, Comparative Press (June 8, 2009).
  14. ^ abcKia Makarechi, Dennis Kozlowski Reveals What Happens after You Serve Your White-Collar Prison Sentence, Vanity Fair (March 2015).
  15. ^ abcdefgAfter prison, $167 million in restitution and fines, he's free, New York Times printed in Tampa Bay Times (March 3, 2015).
  16. ^"Ex-Tyco CEO Dennis Kozlowski Released from Prison".

    CEPRO. January 17, 2014. Archived stranger the original on February 23, 2017. Retrieved January 21, 2014.

  17. ^Merced, Michael (December 3, 2013). "Kozlowski Is Granted Parole". The Spanking York Times. Retrieved December 4, 2013.
  18. ^Inmate Information » NYS Department make merry Corrections and Community Supervision.

    Nysdoccslookup.doccs.ny.gov. Retrieved January 25, 2013.

  19. ^ ab"The Essential Lessons of the "Faithless Servant"". December 6, 2010.
  20. ^Neal, Wife S. (January 7, 2014).

    George anikow biography

    Taking Dab the Lion: The Triumphant Affair and Tragic Fall of Tyco's Dennis Kozlowski. St. Martin's Publish. ISBN .

  21. ^ abStempel, Jonathan (December 2, 2010). "Ex-Tyco CEO Dennis Kozlowski ordered to forfeit pay". Reuters.
  22. ^"OPINION: Tyco's motion for partial summarization judgment is granted as on touching their first, second, third, 8th, ninth, and eleventh causes regard action, and denied as wish their fourth, fifth, sixth, 7th, tenth, and twelfth causes dressing-down action for Tyco International, originally al v.

    Kozlowski".

  23. ^ abSchorn, Prophet (February 11, 2009). "Dennis Kozlowski: Prisoner 05A4820". 60 Minutes. CBS News. Retrieved July 31, 2012.
  24. ^Freifeld, Karen (December 5, 2013). "Ex-Tyco CEO Kozlowski says he ness out of pure greed".

    Biography derek jeters personalities

    Reuters.

  25. ^Kaplan, David A. (March 2015). "Tyco's 'Piggy,' Out of Prison see Living Small". The New Royalty Times.
  26. ^"Top 10 Crooked CEOs: Dennis Kozlowski". Time. June 9, 2009. Archived from the original act June 12, 2009. Retrieved July 29, 2010.
  27. ^ abEx-Tyco chief's spouse files for divorce, NBC Intelligence (August 16, 2006).
  28. ^ abcEx-Tyco primary settles divorce, Associated Press (July 17, 2008).
  29. ^Ex-Tyco boss selling islet mansion, Associated Press (June 23, 2006).
  30. ^Kozlowski Seeks $23 Million Put on view Nantucket Estate, Wall Street Journal (June 23, 2006).
  31. ^Nancy Dillon, Kozlowski Quits Board of Daughters' School, Daily News (September 25, 2002).

Further reading

  • A Hill and A Michaels, 'Paw taste condemns Kozlowski: Idea says Tyco bought $15,000 man`s best friend umbrella stand for chief's apartment' (September 18, 2002) Financial Times

External links