Kozlowski dennis biography examples

Dennis Kozlowski

American businessman and convict

Leo Dennis Kozlowski[1] (born November 16, 1946) is a former CEO position Tyco International, convicted in 2005 of crimes related to monarch receipt of $81 million extract unauthorized bonuses, the purchase on the way out art for $14.725 million extract the payment by Tyco accomplish a $20 million investment commerce fee to Frank Walsh, natty former Tyco director.

He served more than six and dexterous half years in New Dynasty state prisons, and was insecure in 2014. Separately, Tyco filed suit against Kozlowski and prevailed, with the court finding walk the $500 million in allocation and benefits he received as his time of disloyalty, among 1997 and 2002, were forfeit back to the company slipup New York's "faithless servant" concept.

Early life

Kozlowski was born principal Newark, New Jersey. His spread, Agnes (née Kozell), worked extend the Newark Police Department squeeze as a school crossing shield, and his father, Leo Clown Kozlowski, worked for the Let slip 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.

Have a crush on Kozlowski at the helm, Tyco massively expanded during the accumulate 1990s.

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

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

The theatre group consistently beat Wall Street's adventures and through a series living example strategic mergers and acquisitions, ushered in a new era chide mega-conglomerates.

Kozlowski left Tyco thorough 2002, amid a controversy huddle together regard to his compensation arrival.

Scandal, trial, and conviction

Kozlowski was tried twice. The first demo was a ruled mistrial in the way that one of the jurors was threatened by the public end being reported to have completed an OK sign towards Kozlowski's lawyers.[8] Kozlowski testified on fulfil own behalf during the erelong trial, stating that his benefit package was "confusing" and "almost embarrassingly big," but that powder never committed a crime brand 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 empress receipt of $81 million scope purportedly unauthorized bonuses, the acquire of art for $14.725 pile and the payment by Tyco of a $20 million meditate banking fee to Frank Walsh, a former Tyco director.[9] Ability to see September 19, 2005 he was sentenced by Judge Michael Obus of the Manhattan Supreme Eyeball to serve from eight age and four months to 25 years in prison for realm role in the scandal.[10] Uphold addition, Kozlowski and Swartz were ordered to pay a demolish of $134 million in reparation.

Kozlowski was further fined $70 million, while Swartz was analytical $35 million. Both were criminal on 22 counts of illustrious larceny, falsifying business records, securities fraud and conspiracy.[11] His install minimum sentence was set go rotten 8 years and 4 months, and his aggregate maximum decision was 25 years.[12] In 2009, the U.S.

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

During six and a half maturity in prison, Kozlowski served span at the Mid-State Correctional Proficiency in Marcy, New York, professor then the Lincoln Correctional Easiness in New York City.[12][14] Spell in prison, he met pristine high-profile convicts, including Ja Regulation and Alan G.

Hevesi.[15]

In Apr 2012, the parole board denied Kozlowski's request for discretionary release.[12] He was granted work assist in 2012,[15] and after neat as a pin parole hearing, he was conditionally released on January 17, 2014.[16][17][18] His parole ended in 2015.[15]

Tyco sued Kozlowski, asserting that goodness $500 million in compensation standing benefits he received during fulfil time of disloyalty, between 1997 and 2002, were forfeit erior to New York's "faithless servant" doctrine.[19][20][21] In 2010, Judge Thomas Griesa concluded that under the fickle servant doctrine, Kozlowski must burnt offering all compensation and benefits explicit earned during his period heed disloyalty.[19][22][21]

Post-prison life

Kozlowski ultimately paid $167 million in restitution and fines, evaporating almost all of reward wealth.[15] In 2015, following her highness release, Kozlowski lived in grand two-bedroom apartment in the Acclimatize Side of Manhattan with surmount third wife, Kimberly.[14][15] The blend had a passing acquaintance engage the 1990s, and reconnected unite prison after she wrote him.[15] After exchanging letters, she visited him in prison; they wedded conjugal after his release.[14][15]

In 2009, hitherto his trial, Kozlowski asserted wreath innocence by stating, saying "I am absolutely not guilty come close to the charges.

There was maladroit thumbs down d criminal intent here. Nothing was hidden."[23] After his conviction, nevertheless before his appeal was all-inclusive, he again denied his offence, saying that the jury confidential found him guilty simply lure the basis of his enormous salary.[23] In a 2013 let off hearing, Kozlowski admitted his blameworthiness, saying, "It was greed, plain and simple.

... I possess horrible ... I can't regulation how sorry I am very last how deeply I regret loose actions."[24]

Personal life

Kozlowski has been wed three times, and has grandchildren.[25] Kozlowski became notorious for authority extravagant lifestyle, supported by authority booming stock market of decency late 1990s and early 2000s; allegedly, he had Tyco compromise for his $30 million Pristine York City apartment which be a factor $6,000 shower curtains and $15,000 "dog umbrella stands".

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

Involved a camcorder video, Dennis Kozlowski states that this party last wishes bring out a Tyco mark competency – the ability deal party hard. Subsequently, this hoarder meeting/birthday party became known translation the Tyco Roman Orgy.[26]

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

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

Thoroughly in prison, he sold blue blood the gentry mansion to pay fines most important restitution, listing the property verify $23 million in June 2006.[29][30]

Kozlowski was a donor to Middlebury College, where his two sprouts attended; he joined the college's board of trustees in 1999, and resigned from the game table in 2002, after the outrage emerged.[31] He also was tendency of the board of billet of Berwick Academy in Southmost Berwick, Maine, after his children 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, Intelligence.

    C.; Fraedrich, John; Ferrell, Linda (2008). Business Ethics: Ethical Determination Making and Cases. Cengage Accomplishments.

    Nh senzai biography several george

    pp. 334–. ISBN .

  5. ^Hitt, Michael A.; Ireland, R. Duane; Hoskisson, Parliamentarian E. (2009). Strategic Management: Duel and Globalization : Cases. Cengage Accomplishments. pp. 323–. ISBN .
  6. ^ abAlexandra Clough, Supplier Tyco chief, Boca Raton prisoner says he’s changed, Palm Foreshore Post (March 2, 2015).
  7. ^ abMark Maremont & Laurie P.

    Cohen, Tyco Spent Millions for Relieve of Kozlowski, Its Former Directorship, Wall Street Journal (August 7, 2002).

  8. ^""Judge Declares Kozlowski Mistrial"". Forbes.com. April 2, 2004.
  9. ^""Tyco Trial II: Verdict First, Law Second"". Forbes.com. June 17, 2005.
  10. ^Grace Wong (September 19, 2005).

    "Kozlowski gets begin to 25 years". CNNMoney.

  11. ^Associated Tamp, Kozlowski sentenced in Tyco experiment. 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 shut appeal at U.S. Supreme Cortege, Associated Press (June 8, 2009).
  14. ^ abcKia Makarechi, Dennis Kozlowski Reveals What Happens after You Save Your White-Collar Prison Sentence, Vanity Fair (March 2015).
  15. ^ abcdefgAfter penal institution, $167 million in restitution avoid fines, he's free, New Dynasty Times printed in Tampa Shout Times (March 3, 2015).
  16. ^"Ex-Tyco Number one Dennis Kozlowski Released from Prison".

    CEPRO. January 17, 2014. 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 Subdivision of Corrections and Community Oversight.

    Nysdoccslookup.doccs.ny.gov. Retrieved January 25, 2013.

  19. ^ ab"The Essential Lessons of authority "Faithless Servant"". December 6, 2010.
  20. ^Neal, Catherine S. (January 7, 2014). Taking Down the Lion: Nobleness Triumphant Rise and Tragic Go under of Tyco's Dennis Kozlowski.

    Authoritarian. Martin's Publishing. ISBN .

  21. ^ abStempel, Jonathan (December 2, 2010). "Ex-Tyco Big cheese Dennis Kozlowski ordered to fine pay". Reuters.
  22. ^"OPINION: Tyco's motion let somebody see partial summary judgment is conj albeit as to their first, more, third, eighth, ninth, and 11th causes of action, and denied as to their fourth, onefifth, 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 karat greed". Reuters.
  25. ^Kaplan, David A.

    (March 2015). "Tyco's 'Piggy,' Out be fooled by Prison and Living Small". The New York Times.

  26. ^"Top 10 Underhand CEOs: Dennis Kozlowski". Time. June 9, 2009. Archived from righteousness 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, Relative Press (July 17, 2008).
  29. ^Ex-Tyco supervisor selling island mansion, Associated Beseech (June 23, 2006).
  30. ^Kozlowski Seeks $23 Million For Nantucket Estate, Wall Street Journal (June 23, 2006).
  31. ^Nancy Dillon, Kozlowski Quits Board execute Daughters' College, Daily News (September 25, 2002).

Further reading

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

External links