A case study on how the leadership crisis at Tyco was generated by an irresponsible management that allowed several board members to embezzle company funds.
Written in 2008; 1,700 words; 4 sources; MLA; $ 55.95
Paper Summary:
The paper discusses the leadership crisis at Tyco which was generated by an irresponsible management that allowed several board members to embezzle company's funds. The paper states that when the dubious actions came to light, the former CEO and CFO were arrested and several other members were replaced. The paper then relates that the company was severely affected, losing billions of dollars. The paper also relates that, as a result of the previous leadership scandal and as a means of preventing this from ever occurring again, Tyco adopted a Guide to Ethical Conduct and all employees are expected to attend ethics courses at least once a year. The paper concludes by noting the resultant success of the company due to restructuring by the new board.
From the Paper:
"Once the scandal had broken out, the management board at Tyco pressured the executives facing criminal accusations to resign. Furthermore, the company filed lawsuits against several former board members, including Swartz and Kozlowski. Edward Breen was appointed as CEO. The new executives had observed and criticized the business behaviour of their predecessors and had sworn to not follow in their footsteps. The new restructured board decided to implement a transparent policy and to promote a more conservative accounting system.
"The recent actions implemented by the new board are aimed to restore the population's confidence in Tyco. Currently, the strategies developed and the promises made are clearly insufficient to regain the lost trust; and the public's reticent response to the measures taken is understandable. The new board is charged with the difficult task of repairing the damage done by their predecessors, clearing the company's name and proving their worth. The problem now is potentially just a matter of time, because a correct and transparent stance will eventually clear the company's image, but for the short term, the memory of the accounting frauds still keeps investors and stakeholders away."
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