Thursday, December 25, 2014

Tyco's Breen resigns from Comcast board

The CEO of the conglomerate cited the time and work involved in splitting Tyco into three companies as the primary reason for his leaving Comcast's board after more than 6 years.

Tyco's Breen resigns from Comcast board

Tyco International Ltd. CEO Edward D. Breen is stepping down from the board of Comcast Corp. after serving 6-plus years.

In a letter filed with the Securities and Exchange Commission, Breen said that Tyco's plans to split into three companies over the next year will keep him too busy to remain on Comcast's board.

"In addition to my day-to-day responsibilities as Tyco's chairman and CEO, I will be devoting significant time and energy over the next 12 months to the selection of new boards of directors and management teams for the three companies and to ensuring their successful luanch as independent public companies," he writes in a letter dated Nov. 3 to Comcast chairman and CEO Brian L. Roberts.

Plus, Breen noted Comcast's "emerging presence" in the residential security industry, which is a key market for one of Tyco's spinoffs -- the $3 billion ADT security company.

"I believe that it is appropriate for me to resign to avoid even the appearance of conflict between Comcast and what soon will be a standalone ADT home security company," Breen writes.

Breen's resignation, effective Nov. 11, will leave the Comcast board with 11 members.

Mike Armstrong Inquirer Columnist
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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