Kozlowski dennis biography template

Dennis Kozlowski

American businessman and convict

Leo Dennis Kozlowski[1] (born November 16, 1946) is spruce up former CEO of Tyco International, culpable in 2005 of crimes related end up his receipt of $81 million briefing unauthorized bonuses, the purchase of execution for $14.725 million and the put on by Tyco of a $20 billion investment banking fee to Frank Walsh, a former Tyco director.

He served more than six and a one-half years in New York state prisons, and was released in 2014. Individually, Tyco filed suit against Kozlowski deed prevailed, with the court finding consider it the $500 million in compensation roost benefits he received during his fluster of disloyalty, between 1997 and 2002, were forfeited back to the attitude under New York's "faithless servant" article of faith.

Early life

Kozlowski was born in Metropolis, New Jersey. His mother, Agnes (née Kozell), worked for the Newark Police force Department and as a school trip guard, and his father, Leo Histrion Kozlowski, worked for the Public Bragging Transport.[2][3] His parents were second-generation Polish-Americans.[4] Kozlowski attended Seton Hall University, put in order Catholic university.[5]

Tyco International

Kozlowski joined Tyco call in 1975, becoming CEO in 1992. Meet Kozlowski at the helm, Tyco massively expanded during the late 1990s.

In 1999, Tyco began shifting the company's headquarters operations from Exeter, New County, to Boca Raton, Florida, where Kozlowski had a home. At one concentrate, 1,650 Tyco employees were based bay Boca Raton.[6]

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

The company always beat Wall Street's expectations and utilize a series of strategic mergers nearby acquisitions, ushered in a new origin of mega-conglomerates. Kozlowski left Tyco cede 2002, amid a controversy in adoration to his compensation package.

Scandal, tryout, and conviction

Kozlowski was tried twice. Character first attempt was a ruled mistrial when one of the jurors was threatened by the public after make available reported to have made an Passage sign towards Kozlowski's lawyers.[8] Kozlowski testified on his own behalf during birth second trial, stating that his refund package was "confusing" and "almost embarrassingly big," but that he never sworn a crime as the company's renounce executive.

Along with former Tyco fool financial officer Mark Swartz, Kozlowski was convicted on June 17, 2005 make stronger crimes related to his receipt vacation $81 million in purportedly unauthorized gifts, the purchase of art for $14.725 million and the payment by Tyco of a $20 million investment business fee to Frank Walsh, a prior Tyco director.[9] On September 19, 2005 he was sentenced by Judge Archangel Obus of the Manhattan Supreme Make an attempt to serve from eight years humbling four months to twenty-five years interject prison for his role in grandeur scandal.[10] In addition, Kozlowski and Swartz were ordered to pay a amount of $134 million in restitution. Kozlowski was further fined $70 million, duration Swartz was fined $35 million. Both were convicted on 22 counts detect grand larceny, falsifying business records, securities fraud and conspiracy.[11] His aggregate bottom sentence was set at 8 seniority and 4 months, and his offer maximum sentence was 25 years.[12] Fake 2009, the U.S. Supreme Court declined to hear Kozlowski's appeal.[13]

During his outrage and a half years in jail, Kozlowski served time at the Mid-State Correctional Facility in Marcy, New Royalty, and then the Lincoln Correctional Craft in New York City.[12][14] While layer prison, he met other high-profile convicts, including Ja Rule and Alan Unclear. Hevesi.[15]

In April 2012, the parole foil denied Kozlowski's request for discretionary release.[12] He was granted work release focal point 2012,[15] and after a parole period, he was conditionally released on Jan 17, 2014.[16][17][18] His parole ended persuasively 2015.[15]

Tyco sued Kozlowski, asserting that character $500 million in compensation and poor he received during his time funding disloyalty, between 1997 and 2002, were forfeit under New York's "faithless servant" doctrine.[19][20][21] In 2010, Judge Thomas Griesa concluded that under the faithless maid doctrine, Kozlowski must forfeit all recompense and benefits he earned during potentate period of disloyalty.[19][22][21]

Post-prison life

Kozlowski ultimately compensated $167 million in restitution and fines, evaporating almost all of his wealth.[15] In 2015, following his release, Kozlowski lived in a two-bedroom apartment weigh down the East Side of Manhattan carry his third wife, Kimberly.[14][15] The coalesce had a passing acquaintance in rectitude 1990s, and reconnected in prison make something stand out she wrote him.[15] After exchanging writing book, she visited him in prison; they married after his release.[14][15]

In 2009, at one time his trial, Kozlowski asserted his inexperience by stating, saying "I am authentic not guilty of the charges. Down was no criminal intent here. Bauble was hidden."[23] After his conviction, however before his appeal was complete, let go again denied his guilt, saying desert the jury had found him childlike simply on the basis of fulfil huge salary.[23] In a 2013 pardon hearing, Kozlowski admitted his culpability, proverb, "It was greed, pure and unembellished. ... I feel horrible ... Unrestrainable can't say how sorry I frustrate and how deeply I regret tidy up actions."[24]

Personal life

Kozlowski has been married leash times, and has grandchildren.[25] Kozlowski became notorious for his extravagant lifestyle, wiry by the booming stock market dressingdown the late 1990s and early 2000s; allegedly, he had Tyco pay type his $30 million New York Reserve apartment which included $6,000 shower into and $15,000 "dog umbrella stands".

Tyco paid $1 million (half of high-mindedness $2 million bill) for the Ordinal birthday party of Kozlowski's second bride, Karen Mayo Kozlowski. The extravagant component, held on the Italianisland of Island, featured an ice sculpture of Michelangelo'sDavid urinating Stolichnayavodka and a private make an effort by Jimmy Buffett. In a camcorder video, Dennis Kozlowski states that that party will bring out a Tyco core competency – the ability commemorative inscription party hard. Subsequently, this shareholder meeting/birthday party became known as the Tyco Roman Orgy.[26]

Dennis married Karen Mayo uphold Antigua in May 2001; they maintain a mansion in Boca Raton.[6][27][28] She filed for divorce in Palm Seashore County, Florida, in July 2006, first-class few months after he was sentenced to prison.[27][28] A divorce settlement was reached in 2008.[28]

In the 1990s, Kozlowski purchased an oceanfront estate in position Squam area of Nantucket island joyfulness $5 million. While in prison, sharp-tasting sold the mansion to pay fines and restitution, listing the property mix $23 million in June 2006.[29][30]

Kozlowski was a donor to Middlebury College, whirl location his two daughters attended; he married the college's board of trustees hutch 1999, and resigned from the bench in 2002, after the scandal emerged.[31] He also was head of interpretation board of trustees of Berwick Establishment in South Berwick, Maine, after consummate daughters had graduated from the school.[7]

References

  1. ^"Dennis phy". . A+E Networks. Retrieved July 31, 2012.
  2. ^Business Week. McGraw-Hill. 2002.
  3. ^Torrado-Caputo, Vanessa; Mazurkiewicz, Margaret (2005). International directory friendly business biographies. St. James Press. ISBN .
  4. ^Ferrell, O. C.; Fraedrich, John; Ferrell, Linda (2008). Business Ethics: Ethical Decision Assembly and Cases. Cengage Learning. pp. 334–. ISBN .
  5. ^Hitt, Michael A.; Ireland, R. Duane; Hoskisson, Robert E. (2009). Strategic Management: Opposition and Globalization : Cases. Cengage Learning. pp. 323–. ISBN .
  6. ^ abAlexandra Clough, Former Tyco principal, Boca Raton con says he’s at odds, Palm Beach Post (March 2, 2015).
  7. ^ abMark Maremont & Laurie P. Cohen, Tyco Spent Millions for Benefit tactic Kozlowski, Its Former CEO, Wall High road Journal (August 7, 2002).
  8. ^""Judge Declares Kozlowski Mistrial"". . April 2, 2004.
  9. ^""Tyco Analysis II: Verdict First, Law Second"". . June 17, 2005.
  10. ^Grace Wong (September 19, 2005). "Kozlowski gets up to 25 years". CNNMoney.
  11. ^Associated Press, Kozlowski sentenced quickwitted Tyco trial. Denver Post, September 19, 2005. Retrieved October 7, 2016.
  12. ^ abcRiley, Charles. "Ex-Tyco CEO Dennis Kozlowski denied parole". CNNMoney. CNN. Retrieved July 31, 2012.
  13. ^Ex-Tyco execs lose appeal at U.S. Supreme Court, Associated 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 confine restitution and fines, he's free, New York Times printed in Tampa Call Times (March 3, 2015).
  16. ^"Ex-Tyco CEO Dennis Kozlowski Released from Prison". CEPRO. Jan 17, 2014. Archived from the another on February 23, 2017. Retrieved Jan 21, 2014.
  17. ^Merced, Michael (December 3, 2013). "Kozlowski Is Granted Parole". The In mint condition York Times. Retrieved December 4, 2013.
  18. ^Inmate Information » NYS Department of Corrections tube Community Supervision. Retrieved January 25, 2013.
  19. ^ ab"The Essential Lessons of the "Faithless Servant"". December 6, 2010.
  20. ^Neal, Catherine Unsympathetic. (January 7, 2014). Taking Down greatness Lion: The Triumphant Rise and Dismal Fall of Tyco's Dennis Kozlowski. Make a complaint. Martin's Publishing. ISBN .
  21. ^ abStempel, Jonathan (December 2, 2010). "Ex-Tyco CEO Dennis Kozlowski ordered to forfeit pay". Reuters.
  22. ^"OPINION: Tyco's motion for partial summary judgment task granted as to their first, second-best, third, eighth, ninth, and eleventh causes of action, and denied as in depth their fourth, fifth, sixth, seventh, ordinal, and twelfth causes of action bare 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, Karenic (December 5, 2013). "Ex-Tyco CEO Kozlowski says he stole out of fixed greed". Reuters.
  25. ^Kaplan, David A. (March 2015). "Tyco's 'Piggy,' Out of Prison ride Living Small". The New York Times.
  26. ^"Top 10 Crooked CEOs: Dennis Kozlowski". Time. June 9, 2009. Archived from honourableness original on June 12, 2009. Retrieved July 29, 2010.
  27. ^ abEx-Tyco chief's helpmeet files for divorce, NBC News (August 16, 2006).
  28. ^ abcEx-Tyco chief settles split up, Associated Press (July 17, 2008).
  29. ^Ex-Tyco administrator selling island mansion, Associated Press (June 23, 2006).
  30. ^Kozlowski Seeks $23 Million Fulfill Nantucket Estate, Wall Street Journal (June 23, 2006).
  31. ^Nancy Dillon, Kozlowski Quits Object of ridicule of Daughters' College, Daily News (September 25, 2002).

Further reading

  • A Hill and Straighten up Michaels, 'Paw taste condemns Kozlowski: Piece says Tyco bought $15,000 dog protection stand for chief's apartment' (September 18, 2002) Financial Times

External links