Summary
This 8-K filing from Tyco International Ltd. on February 3, 2009, reports the resignation of a key board member, Admiral Dennis Blair, effective January 30, 2009. Admiral Blair resigned to assume his new role as Director of National Intelligence for the United States. His departure is significant as he has been a director since March 2003 and will not be a nominee for re-election at the upcoming March 12, 2009 annual general meeting. Investors should note this change in board composition and the reason for the resignation, which is due to a significant public service appointment. The filing indicates a change in the company's governance structure with the departure of a long-standing director. While the reason for resignation is a high-profile government appointment, investors may want to understand the implications of losing a director with significant tenure and experience. The company also notes that Blair will not be renominated, aligning with his new public service commitment.
Key Highlights
- 1Admiral Dennis Blair resigned from Tyco International's Board of Directors, effective January 30, 2009.
- 2The resignation is due to Admiral Blair's appointment as the Director of National Intelligence of the United States.
- 3Admiral Blair had been a member of the Board since March 2003.
- 4Admiral Blair will not be renominated for election to the Board at the upcoming Annual General Meeting on March 12, 2009.
- 5The filing is made under Item 5.02 of Form 8-K, pertaining to director and principal officer changes.