Tyco appoints Robert Ott as vice president corporate audit and Richard Baran as corporate ombudsman

March 4, 2003

1 Min Read

PEMBROKE, Bermuda -- Tyco International Ltd. (NYSE: TYC, BSX: TYC, LSE: TYI) today announced the appointments of Robert J. Ott as Vice President Corporate Audit and of Richard L. Baran as the Company's new Corporate Ombudsman. Both these positions will report directly to the Audit Committee of the Board of Directors. Mr. Ott will be responsible for overseeing all aspects of the Tyco's internal audit program, including developing an audit plan, managing and executing audits, and recommending improvements to internal controls and operating processes. To that end, he will bring a systematic, disciplined approach to evaluating and improving controllership, and perform audits to determine the reliability and integrity of financial information and compliance with policies. As Corporate Ombudsman, Mr. Baran will act as an impartial, confidential and independent source in addressing and resolving any concerns about Tyco's operations and management from various sources, including employees, customers, suppliers, and the financial and regulatory communities. To further bolster the effectiveness of the Ombudsman, the Company has established a confidential toll free number that these sources can use to report their concerns to the Ombudsman. Ed Breen, Tyco Chairman and CEO, said: "Good corporate governance does not result from a single appointment at the top of the management pyramid. It takes a concerted effort throughout the organization and clear lines of responsibility for instituting and maintaining the highest standards. The assignment of these two respected, experienced executives will further strengthen the team that we are establishing to ensure that Tyco is known throughout the financial community for best practices in the area of corporate governance."Tyco International Ltd.

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