Board had power over Kozlowski bonus, jury told
Created: Mar 29, 2005 10:00 AM
NEW YORK (Bloomberg) ? A former director of Tyco International Ltd. testified that former chief executive L. Dennis Kozlowski and his finance chief weren?t authorised to award themselves the bonuses they are charged with stealing.
W. Peter Slusser, who sat on the Tyco board?s compensation committee from 1997 to 2003, testified yesterday at the fraud and larceny trial of Kozlowski and former Tyco chief financial officer Mark Swartz. Slusser said bonuses for the two were awarded by the compensation committee according to ?an exact, carefully orchestrated procedure?.