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IN BRIEF / MANUFACTURING

Tyco to Give $94 Million in Stock to 3 Executives

January 01, 2002|Reuters

Tyco International Ltd., which initiated plans to cut nearly 24,000 jobs in fiscal 2001, will award about $94 million worth of restricted stock to three executives next year to lock up their services.

Dennis Kozlowski, chairman of the diversified manufacturing and services conglomerate, will receive 800,000 shares worth about $47million, according to Tyco's annual report filed with the Securities and Exchange Commission.

Chief Financial Officer Mark Swartz will receive 500,000 shares worth about $29.5 million and Albert Gamper Jr., president of Tyco Capital, will receive 300,000 shares worth about $17.7 million.

Shares of Pembroke, Bermuda-based Tyco, which operates from Exeter, N.H., are up nearly 7% this year, trading off 4 cents to $59.35 on the NYSE.

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