Bermuda-based Tyco International Ltd. yesterday slashed its 2003 profit forecast and fired the veteran president of its fire and security unit after uncovering accounting problems at the division in Europe.

The conglomerate, whose shares fell 71 percent last year after a probe by New York City prosecutors mushroomed into criminal charges against four former top executives, said it would take up to $325 million in pretax, noncash charges during the current quarter at its fire and security business.

The charges, estimated at between $265 million and $325 million were expected to cut profits by 9 cents to 11 cents a share in the current quarter.

Tyco fired Jerry Boggess, a veteran president of the fire and security division who served under indicted former chairman Dennis Kozlowski. It replaced him with David Robinson, who most recently ran the plastics unit and joined Tyco last year after working with new chairman Edward Breen at Motorola Inc. and General Instrument.

Breen, who was scheduled to meet with investors, analysts and reporters in New York today, cited Robinson's "uncompromising, high standards".

He gave no specific reason for the departure of Boggess, who became fire and security's president nearly ten years ago and received nearly $2.9 million in salary and bonus in 2002, according to a proxy statement.

Tyco, whose products include diapers, medical supplies, burglar alarms and fire sprinklers, announced the firing and its profit warning after the stock market closed yesterday.

Tyco shares, off 18 percent this year, rose 33 cents during the session to close at $14.03.

After an internal audit, Tyco said it was bringing the accounting at its fire and security division in Europe into compliance while conducting additional account reconciliation procedures, "as well as other matters."

Last year, an internal investigation uncovered $382 million in accounting mistakes at Tyco. The European fire and security business was not among the problems cited in that probe.

Including the latest charges, Tyco cut its forecast for earnings in the fiscal year that ends September 30 to $1.30 to $1.40 a share.

Previously, it said earnings would be near the lower end of $1.50 to $1.75 a share.

Analysts were looking for Tyco to earn $1.49 a share, according to a consensus forecast compiled by Thomson First Call.