How Covidien Reinvented Itself and Thrived

For Richard Meelia, then president of billion-dollar medical devices and services maker Tyco Healthcare, 2002 turned into a long nightmare. That year, Dennis Kozlowski, CEO of parent company Tyco International (TYC) resigned amid a scandal involving lavish spending of corporate money. Kozlowski ended up in jail, the company's stock dropped dramatically, its credit rating was downgraded, and the Tyco name became tainted—creating significant obstacles to its strategy of growth through acquisition.

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