His resignation takes effect on November 11 and Breen says, in a letter to Comcast CEO Brian Roberts, that it’s due to the extra time that he’ll have to spend over the next year shepherding Tyco International’s new plan to split into three companies — and to avoid a possible conflict of interests with Comcast from one of his businesses which includes ADT home alarms. Tyco’s other spinoffs include a flow-control operation that makes valves and pipes, and a commercial fire and security unit. “I plan to remain involved with all three companies,” Breen says. “I will serve on the boards of the flow control and fire and security companies and will be an adviser to the ADT North American residential security company. With Comcast’s emerging presence in the residential security industry, I believe that it is appropriate for me to resign to avoid even the appearance of conflict between Comcast and what soon will be a stand-alone ADT home security company.” If you’re wondering what an executive in these businesses is doing on the Comcast board, remember that Breen ran Motorola’s cable set-top box business until 2002, when he was hired to clean up Tyco after former CEO Dennis Kozlowski pilfered the company. Kozlowski is in prison after his 2005 conviction for having received $81M in unauthorized bonuses, approving the company’s purchase of $14.7M worth of art, and paying a $20M investment-banking fee to former director Frank Walsh.
Tyco CEO Ed Breen Leaves Comcast Board To Avoid Potential Conflict
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