Risk & Compliance

Tyco’s Kozlowski Hospitalized

Reportedly suffered a heart problem last week and had at least one stent surgically implanted.
Stephen TaubJanuary 11, 2007

Former Tyco International chairman and chief executive officer Dennis Kozlowski, now serving prison time for stealing hundreds of millions of dollars from the conglomerate, has been taken to a hospital for an apparent heart problem, according to published accounts.

Kozlowski, 60, was convicted in 2005 and is serving a sentence of 8 1/3 to 25 years at Mid-State Correctional Facility in New York. His co-defendant, former chief financial officer Mark Swartz, is serving a similar term at the Rome, New York state prison, according to Bloomberg.

State prisons spokesman Linda Foglia told the Associated Press that Kozlowski is at “an outside hospital” but added that federal health law prohibits her from commenting further. The AP also reported that according to a person close to Kozlowski, the former executive suffered a heart problem last week and had at least one stent surgically implanted. He is expected to be discharged from the hospital in a couple of days, the source reportedly added.

Last summer, former Enron chairman Kenneth Lay died of a heart attack six weeks after being found guilty of 10 criminal counts related to the company’s collapse. Lay’s conviction was subsequently vacated by a federal judge because he did not exhaust the appeal process.