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Tyco International


Friday said it will ask shareholders to approve a new independent auditor for the conglomerate.

The company's board has recommended the appointment of Deloitte & Touche for fiscal year 2004, subject to shareholders' vote at the company's annual meeting March 25.

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Tyco has been under new management since former CEO Dennis Kozlowski and other senior executives were accused of looting the company's coffers. Kozlowski and former CFO Mark Swartz are now on trial in New York.

Tyco said the Deloitte & Touche recommendation is the result of a previously announced auditor selection process to review qualified firms. PricewaterhouseCoopers agreed to submit its resignation as the company's independent auditors effective from the time Tyco files its 10-Q for the quarter ended Dec. 31.