Human Capital & Careers

Nearly $4.5 Million for Tyco CFO

Bonus and restricted stock were big contributors for David FitzPatrick.
Stephen TaubJanuary 19, 2005

David J. FitzPatrick, executive vice president and chief financial officer of Tyco International Ltd., earned nearly $4.5 million in 2004, according to the conglomerate’s proxy, nearly double the $2.3 million he took home a year earlier.

FitzPatrick received a salary of $765,000 in 2004, up slightly from the prior year. However, his bonus came to $1.56 million, or slightly double his bonus for 2003.

He also received nearly $1.7 million in restricted stock. FitzPatrick received none in 2003, but in 2002 he was awarded more than $3.2 million in restricted stock.

In 2004, he also received more than $405,000 in “other annual compensation,” including $271,111 for his personal use of company aircraft, and he received options to purchase 250,000 shares of common stock.

Tyco’s filing came the same day that jury selection began for the retrial of former chairman and chief executive officer Dennis Kozlowski and former chief financial officer Mark Swartz, who are charged with stealing $600 million from the company.