Ed Breen, CEO of Tyco, gives most board directors a serious case of CEO envy. As the Directorship 100 keynoter last month, we had the chance to take a full measure of the man who has managed one of the most successful turnarounds in business history.
Ed Breen
Breen was brought into Tyco in 2002 after the debacle of former CEO Dennis Kozlowski* (now memorialized for throwing a lavish $2 million Sardinian birthday party for his wife) to resuscitate the company that became the poster child for corporate excess. Breen’s low key and affable demeanor belie a razor-sharp focus. One of his first moves as CEO was to ask the entire board to resign—no simple task as they had just hired him. He patiently convinced them this was both the honorable and the right thing to do to set the stage for investors to take a second look at Tyco. He divested businesses, changed managers and downsized for further streamlining. He evinces a modesty that is both genuine and impressive: he parks in the employee lot and eats in the company cafeteria. Breen walks the talk.
*Kozlowski, currently serving a 25-year sentence in Marcy, N.Y., is eligible for parole in early 2014.
Jeff Cunningham writes about leadership and business, boards and corporate governance. He is the founder of Directorship Magazine and currently serves as managing director and senior advisor to NACD. Previously, he was president of internet venture firm, CMGI, publisher of Forbes Magazine, and managing partner of the U.K. private equity firm Schroders. He has served as an independent board chair or director of 10 public companies.