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Tyco execs sell shares
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February 13, 2002: 9:41 a.m. ET
CEO and CFO have made $500M since July 1999 by selling holdings.
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Tyco's TyCom unit cutting jobs - Feb. 7, 2002
Funds flee Tyco - Feb. 6, 2002
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NEW YORK (CNN/Money) - Two top Tyco International executives have made more than $500 million since July 1999 by selling Tyco shares, while saying publicly that they rarely, if ever, reduce their holdings, the a newspaper reported Wednesday.
Tyco (TYC: up $0.60 to $31.10, Research, Estimates) Chairman and CEO Dennis Kozlowski netted at least $330 million and Chief Financial Officer Mark H. Swartz made at least $180 million selling company stock in the last 30 months, according to Securities and Exchange Commission filings, the New York Times said.
Tyco spokesman Brad McGee said the stock sales paid for taxes and tax planning and that the two executives had been paid appropriately given Tyco's strong earnings growth and operating performance, the report said.
Tyco declined to say how many shares the two had sold and that it would publicly disclose future sales before they were made. Normally any sales of Tyco stock would have to be divulged to investors within 10 days after the month in which the shares were sold, but because they sold shares directly back to Tyco they can wait until November, according to the Times. 
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