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subject Tyco CFO to Retire at Year End
BOSTON (Reuters) - Manufacturing conglomerate Tyco International Ltd. (TYC.N: Quote , Profile , Research ) on Tuesday said Chief Financial Officer David FitzPatrick will step down at the end of this year to pursue private equity or corporate turnaround opportunities. FitzPatrick will be succeeded by Christopher Coughlin, 52, effective March 7. Coughlin was recently chief operating officer and CFO at advertising conglomerate Interpublic Group of Cos. (IPG.N: Quote , Profile , Research ) , and also served as CFO at Pharmacia Corp., Nabisco Holdings Corp. (NA.N: Quote , Profile , Research ) and Sterling Winthrop. FitzPatrick, 50, has been CFO and executive vice president since September 2002. He will stay on to ensure a smooth transition and work on some strategic initiatives, Tyco said. FitzPatrick and Chief Executive Ed Breen are credited with overhauling Tyco's finances after its former CEO and CFO were accused of looting the company of $600 million. Tyco also confirmed earnings guidance for its fiscal second quarter and full year. The company targets earnings per share of 45 cents to 47 cents in its fiscal second quarter ending March 31.
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