Tyco CFO to Retire, Company Backs Financial Forecasts

NEW YORK (AP) - Manufacturing company Tyco International Ltd. on Tuesday said Executive Vice President and Chief Financial Officer David J. FitzPatrick will retire from the company at year-end to pursue other interests. The company also backed its earnings guidance for the second quarter and full year.

The company, which makes products for fire and security, electronics and health care, said its board named Christopher J. Coughlin, 52, as his successor effective March 7.

Coughlin recently served as chief operating officer and chief financial officer at Interpublic Group, and also worked as chief financial officer at Pharmacia Corp. and Nabisco Holdings, the company said.

FitzPatrick, 50, replaced the company's ex-chief financial officer, Mark Swartz, in September 2002. Swartz, along with former Chief Executive L. Dennis Kozlowski, is on trial for alleged grand larceny, securities fraud and falsifying business records. Their first trial ended in a mistrial.

Tyco, whose services include ADT electronic security, said it still expects earnings per share from continuing operations of 45 cents to 47 cents for the second quarter, and $1.88 to $1.98 for the full year. The company said its outlook excludes any charges that result from sales or early debt retirement.

Analysts surveyed by Thomson First Call expect the company to earn 47 cents per share for the quarter and $1.97 per share for the year.

The company also said it expects full-year cash of about $7 billion from operating activities, and free cash flow of more than $4.5 billion, before voluntary pension contributions.