CSAA Signals
Vol. 8, No. 12 —June 4, 2002
440 Maple Avenue East, Suite 201, Vienna, VA 22180
703-242-4670; Fax 703-242-4675


Tyco's Kozlowski Resigns

Tyco International Ltd. announced yesterday that that L. Dennis Kozlowski resigned as its Chairman and Chief Executive Officer for personal reasons. Mr. Kozlowski also stepped down from the Board of Directors.

At the request of Tyco's Board, John F. Fort has agreed to assume primary executive responsibilities during an interim period while a search for a permanent replacement is completed. All operating units and corporate staff will report through Mr. Fort.

Mr. Fort has been associated with Tyco for over 28 years. He held the post of Chairman and CEO for 10 years, from 1982 until 1992. Since 1992, he has been an active member of the Board and he is currently the lead director. This position acts as the primary liaison between management and the outside directors.

The Board reaffirmed its commitment to the complete monetization of CIT, Tyco's financial services subsidiary, and to a significant reduction in the amount of debt.

"We plan to complete the IPO of CIT by the end of June," commented Mr. Fort. "Also, I fully support the evolution of the Company's long-term operating strategy to focus more on organic growth. We will continue with our plans to make Return on Capital a key part of our compensation system along with earnings growth and cash flow."

Mr. Fort continued, "During his tenure, Dennis Kozlowski grew Tyco to a $36 billion manufacturer and service provider operating in over 100 countries. We wish him well and thank him for his contributions. Looking forward, Tyco's strong fundamental businesses and talented workforce position the Company to continue to prosper in the years ahead."

 


Non-Response & Jurisdictions' List

The "Positions on..." web section at www.csaaul.org now has a page that lists jurisdictions that have gone to alarm non-reponse. It also lists jurisdictions that are considering non-response policies.

To access the list, click on the "Position on.." button on the right menu bar, and then click on the "NEW: Jurisdictions and Non-response" reference in the Table of Contents.

We will update this section as necessary. If you know of any jurisdiction not listed in the section, please send an e-mail to communications@csaaul.org to add the information.

Click on "Come to CSAA's 
2002 Annual Meeting" box at www.csaaul.org to access the hotel reservation form and information on the 2002 Post-Convention Trip to Panama, Quito and the Galapagos Islands

REMINDER: Don't forget to visit our State Legislation Report at www.csaaul.org every Wednesday morning for the latest information on pending state and federal legislation.

The BloostonLaw Telecom Update is posted on our Web site every Thursday.

June 14 is the deadline to participate in the Department of Commerce's New Products USA 2002 catalog, that will help you market your products and services in China, Hong Kong, and other Asian countries.

For more information, contact Celia Besore at 703-242-4670, Ext. 16.