CORK, Ireland, Oct. 13, 2015 /PRNewswire/ -- Tyco
International plc (NYSE: TYC) today announced the appointment of
Robert E. Olson as Executive Vice
President and Chief Financial Officer, effective following the
filing of the company's annual report on Form 10-K with the U.S.
Securities and Exchange Commission in November 2015. Mr.
Olson, 56, has joined the company and will serve as Chief Financial
Officer Designate until then. He will succeed Arun Nayar, 65, who will step down from the CFO
role at that time. Mr. Nayar will retire from the company at
the end of this calendar year and will serve in an advisory
capacity for the next several months to ensure an orderly
transition into the 2016 calendar year.
"We are pleased to welcome an accomplished financial executive
such as Robert to our senior leadership team," said George R. Oliver, Tyco's Chief Executive
Officer. "Robert's effective record in chief financial
officer roles combined with his broad experience in
service-oriented technology companies will be especially valuable
as we grow our services and solutions businesses."
"At the same time, I would like to thank Arun Nayar for his contributions to the
separation and launch of the new Tyco. I have valued his
leadership and guidance in positioning the company for
success. His retirement will mark the culmination of a
thoughtful succession process that both Arun and the Board have
been involved in over the past year."
Most recently, Mr. Olson served as the Executive Vice President
and Chief Financial Officer of DISH Network Corporation, a provider
of satellite video services and technology, for five years.
Before that, Mr. Olson was the Chief Financial Officer of Trane
Commercial Systems, the largest operating division of American
Standard, from 2006 to 2008. Previously, he served as the Chief
Financial Officer of AT&T's Consumer Services division and
later its Business Services division. He also held leadership roles
in finance, marketing, operations and planning at American
Airlines. Mr. Olson holds a Bachelor's degree in chemical
engineering from the University of
Alabama and a Master's degree in business administration
from The University of California at Los
Angeles.
In connection with the announcement, the company reaffirmed its
guidance of $0.60 to $0.62 of
earnings per share from continuing operations before special items
for the fourth fiscal quarter of 2015.
ABOUT TYCO
Tyco (NYSE: TYC) is the world's largest
pure-play fire protection and security company. Tyco provides more
than three million customers around the globe with the latest fire
protection and security products and services. A company with $10+
billion in annual revenue, Tyco has over 57,000 employees in more
than 900 locations across 50 countries serving various end markets,
including commercial, institutional, governmental, retail,
industrial, energy, residential and small business. For more
information, visit www.tyco.com.
FORWARD-LOOKING STATEMENTS
This press release
contains a number of forward-looking statements. In many cases
forward-looking statements are identified by words, and variations
of words, such as "anticipate", "estimate", "believe", "commit",
"confident", "continue", "could", "intend", "may", "plan",
"potential", "predict", "positioned", "should", "will", "expect",
"objective", "projection", "forecast", "goal", "guidance",
"outlook", "effort", "target", and other similar words. However,
the absence of these words does not mean the statements are not
forward-looking. Examples of forward-looking statements include,
but are not limited to, earnings per share and other financial
projections, statements regarding the health and growth prospects
of Tyco and the industries and end markets in which it operates,
and statements regarding Tyco's management team, leadership,
resources, potential, priorities, and opportunities for the future.
The forward-looking statements in this press release are based on
current expectations and assumptions that are subject to risks and
uncertainties, many of which are outside of our control, and could
cause results to materially differ from expectations. Such risks
and uncertainties include, but are not limited to: economic,
business, competitive, technological or regulatory factors that
adversely impact Tyco or the markets and industries in which it
competes; results of audits; unanticipated expenses such as
litigation or legal settlement expenses; tax law changes; and
industry specific events or conditions that may adversely impact
revenue or other financial projections. Actual results could differ
materially from anticipated results. Tyco is under no obligation
(and expressly disclaims any obligation) to update its
forward-looking statements. More information on potential factors
that could affect the Company's financial results is included from
time to time in the "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" sections
of the Company's public reports filed with the U.S. Securities and
Exchange Commission (SEC), including the Company's Form 10-K for
the fiscal year ended September 26,
2014.
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SOURCE Tyco