Tyco's CEO exercises options worth a whopping $139.7 million
EXETER, New Hamphire (Reuters) -- Tyco International Chairman and Chief Executive Dennis Kozlowski exercised stock options worth $139.7 million in 1999, according to a filing with the Securities and Exchange Commission.
Kozlowski also earned roughly $30.6 million in salary, bonus, restricted stock awards and other compensation during the year ended September 30, an increase of more than $5 million from the year earlier. Kozlowski also held unexercised stock options at the end of the year worth nearly $66 million -- of which all but $2.8 million worth were not exercisable.
The filing said Kozlowski's shares were transferred upon being exercised to the KFT Family Partnership L.P.
Tyco, a diversified manufacturer, has made numerous acquisitions in recent years, and recently unveiled plans to build and run a global undersea fiber optic communications network. Tyco said it plans to offer 20 percent of the new firm in a public offering.
Tyco shares were hurt in late 1999 after some investors questioned its accounting practices and the SEC launched an inquiry.
Tyco, which is legally based in Bermuda, has said it has confidence in its accounting methods.
