Richard Power Tyco

It takes a lot of dedication and hard work to climb up the ladder in the business and corporate world, and Richard Power has done exactly that. Power has worked with a number of businesses throughout his career and has advanced considerably through each position he has held. Among some of the titles that Richard Power has held are President of Carlisle Plastics, Vice President of a large corporation, and Executive Vice President, Senior Financial Reporter, and a Chief Financial Officer.

While Richard Powers was working in the corporate world, one company he worked for was Tyco International. However, towards the end of his career with Tyco International, there was much going on in the company. Richard Power was a former vice president and division chief financial officer for Tyco International. Power sued the company for breach of contract and about $9 million in severance pay in 2002. Power, who reported to now-jailed chief executive Dennis Kozlowski, claimed that in a phone conversation, the two agreed, in the event of his termination, Power would receive severance pay equal to the greater of $1.5 million or twice his salary and bonus in his last year of employment. Power had been fired by Tyco's new management in 2002. U.S. District Judge Gerard Lynch, ruled that Tyco had, in fact, breached an oral severance agreement with Power. Finding that neither Power nor Kozlowski were credible witnesses in the case, Lynch awarded Power $900,000 plus interest. Lynch also wrote that he did not find any merit to Tyco's argument that any agreement Power had with the company would be void because of fraud. The figure is twice Powers' fiscal 2001 salary, but excluded the $4.2 million cash bonus he received that year. In 2007, Richard Power was ruled in favor that Tyco International owed pay and interest of about $1.2 million to a former senior executive accused of participating in an accounting scandal at the diversified manufacturer.

Today, Richard Power resides in Florida and now runs two businesses of his own, Powers Consulting LLC. as well as Maxko Corporation.

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