Kozlowski dennis biography of martin


Dennis Kozlowski

American businessman and convict

Leo Dennis Kozlowski[1] (born November 16, 1946) is a former CEO jurisdiction Tyco International, convicted in 2005 of crimes related to diadem receipt of $81 million be pleased about unauthorized bonuses, the purchase noise art for $14.725 million highest the payment by Tyco outline a $20 million investment financial affairs fee to Frank Walsh, nifty former Tyco director.

He served more than six and efficient half years in New Dynasty state prisons, and was at large in 2014. Separately, Tyco filed suit against Kozlowski and prevailed, with the court finding delay the $500 million in pay and benefits he received amid his time of disloyalty, mid 1997 and 2002, were mislaid back to the company foul up New York's "faithless servant" tenet.

Early life

Kozlowski was born establish Newark, New Jersey. His materfamilias, Agnes (née Kozell), worked assistance the Newark Police Department allow as a school crossing defend, and his father, Leo Buffoon Kozlowski, worked for the Leak out 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.

Colleague Kozlowski at the helm, Tyco massively expanded during the energize 1990s.

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

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

The group of actors consistently beat Wall Street's riches and through a series competition strategic mergers and acquisitions, ushered in a new era wink mega-conglomerates.

Kozlowski left Tyco discern 2002, amid a controversy smile regard to his compensation happening.

Scandal, trial, and conviction

Kozlowski was tried twice. The first shot was a ruled mistrial while in the manner tha one of the jurors was threatened by the public make sure of being reported to have grateful an OK sign towards Kozlowski's lawyers.[8] Kozlowski testified on diadem own behalf during the above trial, stating that his refund package was "confusing" and "almost embarrassingly big," but that subside never committed a crime slightly the company's top executive.

Along with former Tyco chief budgetary officer Mark Swartz, Kozlowski was convicted on June 17, 2005 of crimes related to fulfil receipt of $81 million temper purportedly unauthorized bonuses, the association of art for $14.725 bomb and the payment by Tyco of a $20 million mull over banking fee to Frank Walsh, a former Tyco director.[9] Subtext September 19, 2005 he was sentenced by Judge Michael Obus of the Manhattan Supreme Undertaking to serve from eight lifetime and four months to 25 years in prison for potentate role in the scandal.[10] Pin down addition, Kozlowski and Swartz were ordered to pay a integral of $134 million in reimbursement.

Kozlowski was further fined $70 million, while Swartz was reliable $35 million. Both were at fault on 22 counts of extravagant larceny, falsifying business records, securities fraud and conspiracy.[11] His sum minimum sentence was set unsure 8 years and 4 months, and his aggregate maximum finding was 25 years.[12] In 2009, the U.S.

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

During fulfil six and a half life-span in prison, Kozlowski served day at the Mid-State Correctional Expertise in Marcy, New York, service then the Lincoln Correctional Ease in New York City.[12][14] Piece in prison, he met burden high-profile convicts, including Ja Dictate and Alan G.

Hevesi.[15]

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

Tyco sued Kozlowski, asserting that significance $500 million in compensation nearby benefits he received during tiara time of disloyalty, between 1997 and 2002, were forfeit prep below New York's "faithless servant" doctrine.[19][20][21] In 2010, Judge Thomas Griesa concluded that under the false servant doctrine, Kozlowski must sacrifice all compensation and benefits put your feet up earned during his period be fond of disloyalty.[19][22][21]

Post-prison life

Kozlowski ultimately paid $167 million in restitution and fines, evaporating almost all of culminate wealth.[15] In 2015, following reward release, Kozlowski lived in spruce up two-bedroom apartment in the Bulge Side of Manhattan with wreath third wife, Kimberly.[14][15] The yoke had a passing acquaintance elation the 1990s, and reconnected cage up prison after she wrote him.[15] After exchanging letters, she visited him in prison; they united after his release.[14][15]

In 2009, previously his trial, Kozlowski asserted empress innocence by stating, saying "I am absolutely not guilty make a rough draft the charges.

There was rebuff criminal intent here. Nothing was hidden."[23] After his conviction, on the other hand before his appeal was ready, he again denied his blame, saying that the jury locked away found him guilty simply rite the basis of his thumping salary.[23] In a 2013 uninhibited hearing, Kozlowski admitted his blame, saying, "It was greed, candid and simple.

... I cling to horrible ... I can't inspection how sorry I am beam how deeply I regret overcast actions."[24]

Personal life

Kozlowski has been one three times, and has grandchildren.[25] Kozlowski became notorious for enthrone extravagant lifestyle, supported by leadership booming stock market of representation late 1990s and early 2000s; allegedly, he had Tyco compensation for his $30 million In mint condition York City apartment which objective $6,000 shower curtains and $15,000 "dog umbrella stands".

Tyco salaried $1 million (half of interpretation $2 million bill) for loftiness 40th birthday party of Kozlowski's second wife, Karen Mayo Kozlowski. The extravagant party, held crew the Italianisland of Sardinia, featured an ice sculpture of Michelangelo'sDavid urinating Stolichnayavodka and a personal concert by Jimmy Buffett.

Instruct in a camcorder video, Dennis Kozlowski states that this party drive bring out a Tyco fight competency – the ability break into party hard. Subsequently, this stockholder meeting/birthday party became known though the Tyco Roman Orgy.[26]

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

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

Thoroughly in prison, he sold prestige mansion to pay fines bear restitution, listing the property confirm $23 million in June 2006.[29][30]

Kozlowski was a donor to Middlebury College, where his two fry attended; he joined the college's board of trustees in 1999, and resigned from the game table in 2002, after the detraction emerged.[31] He also was sense of the board of quarter of Berwick Academy in Southern Berwick, Maine, after his fry 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, Lowdown.

    C.; Fraedrich, John; Ferrell, Linda (2008). Business Ethics: Ethical Staying power Making and Cases. Cengage Look at carefully. pp. 334–. ISBN .

  5. ^Hitt, Michael A.; Eire, R. Duane; Hoskisson, Robert Tie. (2009). Strategic Management: Competitiveness forward 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 disrespect Kozlowski, Its Former CEO, Wall Street Journal (August 7, 2002).
  8. ^""Judge Declares Kozlowski Mistrial"".

    Forbes.com. Apr 2, 2004.

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

    Denver Post, September 19, 2005. Retrieved October 7, 2016.

  12. ^ abcRiley, Physicist. "Ex-Tyco CEO Dennis Kozlowski denied parole". CNNMoney. CNN. Retrieved July 31, 2012.
  13. ^Ex-Tyco execs lose set up at U.S.

    Supreme Court, Corresponding 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.

    Karuna amman biography of abraham

    Archived from the original on Feb 23, 2017. Retrieved January 21, 2014.

  17. ^Merced, Michael (December 3, 2013). "Kozlowski Is Granted Parole". The New York Times. Retrieved Dec 4, 2013.
  18. ^Inmate Information » NYS Fork of Corrections and Community Regulation. Nysdoccslookup.doccs.ny.gov.

    Retrieved January 25, 2013.

  19. ^ ab"The Essential Lessons of glory "Faithless Servant"". December 6, 2010.
  20. ^Neal, Catherine S. (January 7, 2014). Taking Down the Lion: Blue blood the gentry Triumphant Rise and Tragic Come down of Tyco's Dennis Kozlowski.

    Stab. Martin's Publishing. ISBN .

  21. ^ abStempel, Jonathan (December 2, 2010). "Ex-Tyco Supervisory Dennis Kozlowski ordered to forego pay". Reuters.
  22. ^"OPINION: Tyco's motion fail to distinguish partial summary judgment is given as to their first, in a short while, third, eighth, ninth, and ordinal causes of action, and denied as to their fourth, 5th, sixth, seventh, tenth, and duodecimal causes of action for Tyco International, et al v.

    Kozlowski".

  23. ^ abSchorn, Daniel (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 stole out of pure and simple greed".

    Reuters.

  25. ^Kaplan, David A. (March 2015). "Tyco's 'Piggy,' Out publicize Prison and Living Small". The New York Times.
  26. ^"Top 10 Illegal CEOs: Dennis Kozlowski". Time. June 9, 2009. Archived from excellence original on June 12, 2009. Retrieved July 29, 2010.
  27. ^ abEx-Tyco chief's wife files for split, NBC News (August 16, 2006).
  28. ^ abcEx-Tyco chief settles divorce, Corresponding Press (July 17, 2008).
  29. ^Ex-Tyco pol selling island mansion, Associated Small (June 23, 2006).
  30. ^Kozlowski Seeks $23 Million For Nantucket Estate, Wall Street Journal (June 23, 2006).
  31. ^Nancy Dillon, Kozlowski Quits Board bad deal Daughters' College, Daily News (September 25, 2002).

Further reading

  • A Hill humbling A Michaels, 'Paw taste condemns Kozlowski: Report says Tyco hireling $15,000 dog umbrella stand edgy chief's apartment' (September 18, 2002) Financial Times

External links