Search CE Pro






Print  |  Email  |  Share  |  News  |  Follow on Twitter, Facebook, Google+ or RSS

Ex-Tyco CEO Dennis Kozlowski Released from Prison

Former Tyco CEO Dennis Kozlowski, who helped lead ADT to prominence, has been released on parole after serving eight years in prison for tax evasion and excessive bonuses totaling $430 million.


Ex-Tyco CEO Dennis Kozlowski

Back in 2011 from behind bars, Kozlowski cited the purchase of ADT by Tyco as his “biggest win” as an executive.

Former Tyco CEO Dennis Kozlowski will be released from prison on parole today after serving eight years after being convicted on 22 felonies.

The disgraced executive was sentenced in 2005 to between eight and 20 years in prison after being convicted of taking excessive bonuses totaling $430 million, tax evasion and stealing more than $100 million from Tyco.

While at Tyco, he was instrumental in the rise of ADT, the No. 2 company in the CE Pro 100. Tyco was previously the parent company of ADT before ADT was spun off into a separate company in 2012.

From behind bars in upstate New York in an exclusive interview provided to CE Pro in 2011, he described the keys to the success of ADT and his own legacy to the security industry. He also described his existence in prison, which included laundry duty in his cell block and doing lots of reading. Kozlowski defended his financial package even behind bars, noting that it had been approved by the Tyco board of directors.

Kozlowski also said in that interview, “when I get out, I want to go sailing, have a decent meal and spend the night with a woman. I plan to dabble in the investment business and raise some capital.”

Kozlowski spent more than six years at the Mid-State Correctional Facility, a medium security prison in Marcy, New York. According to Reuters, Kozlowski “has been serving the last of his sentence in a state work-release program in Manhattan, while working as a clerk in a company that makes computer software.”

Kozlowski’s decadence was likely one reason for the conviction, which included a $2 million birthday/toga party in Sardinia called “The Tyco Roman Orgy” he threw for his wife, $11 million in artwork for his Manhattan apartment, a $15,000 doggy umbrella stand and, of course, the infamous $6,000 shower curtain.





Subscribe to the CE Pro Newsletter

Article Topics

News · Home Automation and Control · Security · Adt · Legal · Tyco · All topics

About the Author

Jason Knott, Editor, CE Pro
Jason has covered low-voltage electronics as an editor since 1990. He joined EH Publishing in 2000, and before that served as publisher and editor of Security Sales, a leading magazine for the security industry. He served as chairman of the Security Industry Association’s Education Committee from 2000-2004 and sat on the board of that association from 1998-2002. He is also a former board member of the Alarm Industry Research and Educational Foundation. He is currently a member of the CEDIA Education Action Team for Electronic Systems Business. Jason graduated from the University of Southern California.

Comments

Post a comment
Commenting is not available in this weblog entry.

Sponsored Links

  About Us Customer Service Privacy Policy Contact Us Advertise With Us Dealer Services Subscribe Reprints ©2013 CE Pro
  EH Network: Electronic House CE Ideas Store Commercial Integrator ChannelPro ProSoundWeb Church Production Worship Facilities Electronic House Expo Worship Facilities Expo