Christopher Coughlin, the short-lived COO and CFO of Interpublic Group, has signed up for a new turnaround assignment. On March 7, he'll become CFO of Tyco International, the scandal-ridden company that became the symbol of corporate greed and corruption under former CEO Dennis Kozlowski, who is currently being retried in New York State Supreme Court.
The 52-year-old Coughlin was recruited by IPG in June 2003 to help restructure the company, but just a year later he unexpectedly announced that he would "retire" at the end of 2004. Coughlin—who earned a base salary of $433,333 and bonuses of $900,000 in 2003 at IPG—will get $750,000 per year at Tyco, along with a $100,000 signing bonus, and is eligible for an additional bonus of up to twice his salary.
Tyco underscored Coughlin's past experience in healthcare as Pharmacia's CFO as a primary attraction. (The company's other business units are fire and security, electronics, engineered products and services, and plastics and adhesives.) Coughlin replaces 50-year-old David FitzPatrick, who Tyco said is leaving at year's end.