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The CEO's Boss: Tough Love in the Boardroom resources

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4 T H E S O C I A L C O N T R AC T tyco vision: why we exist and the essence of our business To be our customers’ fi rst choice in every market we serve by exceed- ing commitments, providing new technology solutions, leveraging our diverse brands, driving operational excellence, and committing to the highest standards of business practices— all of which will lead to Tyco’s long- term growth, value, and success. tyco values: how we conduct ourselves Integrity: We demand of each other and ourselves the highest standards of individual and corporate integrity with our customers, suppliers, vendors, agents and stakeholders. We vigorously protect company assets and comply with all company policies and laws. Excellence: We continually challenge each other to improve our products, our pro cesses and ourselves. We strive always to understand our customers’ and suppliers’ businesses and help them achieve their goals. We are dedicated to diversity, fair treatment, mutual respect and trust of our employees and customers. Teamwork: We foster an environment that encourages innova- tion, creativity and results through teamwork and mutual respect. We practice leadership that teaches, inspires and promotes full participa- tion and career development. We encourage open and eff ective com- munication and interaction. Accountability: We will meet the commitments we make and take personal responsibility for all actions and results. We will create an operating discipline of continuous improvement that will be inte- grated into our culture.”4 Jack Krol left the Tyco board in March 2008, but his reputation as an “outstanding director” was acknowledged at ODX in 2007. Quoting from the Agenda article that profi led Krol’s accomplishment: “When Breen signed on, he believed that Tyco’s core manufacturing businesses were solid, but he wasn’t sure how far across the or ga ni za tion the corruption reached. Nor was he exactly sure how to avoid bankruptcy. He needed a partner, and fast. . . . Krol’s reputation and total commitment to the task were major factors in both saving the company and restoring its respectability.”5

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