Company: Tyco International, Princeton, NJ
Company Description: Tyco International Ltd. operates in all 50 U.S. states and over 100 countries throughout the world. From the operating room to the boardroom, Tyco offers the products and services the modern world needs to grow. Critical infrastructure components in many countries and municipalities have been designed, constructed, and are even managed by Tyco companies.
Nomination Category: Individual Awards Categories
Nomination Sub Category: Best Turnaround Executive

Nomination Title: Edward Breen- The Man Behind Tyco's Turnaround

1. Tell the story about what this nominee achieved in the past year (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

Ed Breen, former President and COO of Motorola, joined Tyco International as
Chief Executive Officer in July 2002 at a time when Tyco’s future looked rather
grim.  Breen promised to make a series of changes that would regain investors’
confidence, dispel the rumors that Tyco was on the verge of bankruptcy and
position Tyco as a world-class operating company.

Soon after his appointment as CEO, Breen led a massive board and executive-level
overhaul.  Within a few months, he replaced Tyco’s entire board.  Additionally,
Breen fired no fewer than 290 of Tyco's 300 highest-ranking corporate managers.
 He knew he could not take any chances if Tyco wanted to completely change its
image.  With new executive leadership and board members in place, 2004 became
the year to execute the strategies that would lay the foundation of the new Tyco. 

Breen sold off non-core operations, as well as established and met goals within
areas of operational excellence and corporate governance.  Breen promised to
continue cleaning up Tyco's operations – and he did - by creating programs
focused on cash generation and organic growth.  Even though the scandal was over
two years ago, Breen and Tyco’s 260,000 employees still felt the reverberations.
It has become clear, however, that he has been instrumental in turning around
Tyco’s image from scandal to success.

Breen has continued to carry out Tyco’s $400 million + restructuring program in
2004 (the program was announced in November 2003).  The strategy behind the
program was to shed non-core businesses and to cut costs.  To do this, Breen
closed plants, cut 8,100 jobs and is selling more than 50 non-core businesses.
In addition, Breen used $750 million in cash to repurchase $517 million of the
firm's convertible bonds and in doing so reduced Tyco's outstanding stock shares
by 22.7 million.

Breen made integrating Tyco’s information technology infrastructure a top
priority by insisting on the development of one unified Tyco network.
Consolidating numerous data centers was extremely critical as Tyco at one time
operated more than 140 separate networks and its employees used 100-plus unique
directories to communicate across business segments. 

Breen also continued to set the gold standard for corporate governance in 2004.
Tyco’s corporate culture today is built on the premise that every employee is
responsible for the conduct and success of the company.  Breen has worked hard
to make ethical business practices and personal integrity synonymous with Tyco
and strives to ensure that Tyco continues to identify, develop and adhere to the
highest standards of corporate governance. 

Reflecting on the company’s progress in 2004, Ed Breen concluded: “This was an
important year for building Tyco into an operating company.  The momentum we
established throughout 2004 puts us in strong position for another good year in
2005.” 

2. List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:

Time, February 2004:
http://www.tyco.com/pdf/20040209_time.pdf

New York Times, March 2004
http://query.nytimes.com/gst/abstract.html?res=F70B10F735550C718EDDAA0894DC404482&incamp=archive:search

Fortune, August 2004:
http://www.tyco.com/pdf/QuestionAuthority.pdf

Fast Company, September 2004:
http://www.tyco.com/pdf/FastCompany.pdf

Fortune, November 2004:
http://www.tyco.com/pdf/fortune_20041115.pdf

USA Today, January 2005
http://www.usatoday.com/money/industries/manufacturing/2005-01-23-tyco_x.htm

3. Provide a brief (up to 100 words) biography about this nominee:

Edward D. Breen has been Chairman and Chief Executive Officer of Tyco
International Ltd. since July 2002. Prior to joining Tyco, Mr. Breen was
President and Chief Operating Officer of Motorola from January 2002 to July
2002; Executive Vice President and President of Motorola's Networks Sector from
January 2001 to January 2002; Executive Vice President and President of
Motorola's Broadband Communication Sector from January 2000 to January 2001;
Chairman, President and Chief Executive Officer of General Instrument
Corporation ("GI") from December 1997 to January 2000; and, prior to December
1997, President of GI's Broadband Networks Group.