Dennis Kozlowski Net Worth: Born on November 16, 1946, in Newark, New Jersey, USA, Leo Dennis Kozlowski is a businessman “famous” for his involvement in the Tyco scandal. Kozlowski, then the CEO of Tyco International Ltd., was responsible for paying an investment banking fee of $20 million from Tyco to former director Frank Walsh, and for receiving $81 million in unauthorised bonuses from the company.
Can you imagine how much money this wasteful guy has amassed? It’s hard to believe Dennis Kozlowski net worth. Sources say that Dennis Kozlowski’s total net worth as of the beginning of 2017 is more than $600 million. He got this money from his successful businesses, smart acquisitions, and stock market sales, as well as from the Tyco scandal, which was already mentioned above.
Dennis Kozlowski Net Worth
Dennis Kozlowski Net Worth is $600 million. He is of American and Polish descent, as Dennis was born to Agnes Kozell, a school guard, and Leo Kelly Kozlowski, a police inspector. After completing his BSc in 1968 from Seton Hall University, he started working in mergers and acquisitions auditing for the SCM Corporation in 1970.
He went on to have a successful career in finance at several other organisations, including Cabot Corporation and Nashua Corporation, where he held the positions of analyst and director of audit, respectively. These engagements provided the basis for Dennis Kozlowski net worth.
Kozlowski started working for Tyco Laboratories (later renamed Tyco International Ltd.) in 1975 and spent the following 27 years rising through the ranks to become the company’s CEO. During the 1990s, under Kozlowski’s leadership, Tyco went from being a small manufacturer of industrial parts with annual sales of $20 million to an international conglomerate with annual sales of over $36 billion.
Kozlowski invested more than $60 million and merged more than 200 tiny companies to push Tyco to the top of the global business scene, raising the value of its stock on the stock market by approximately 800%. All these accomplishments helped Dennis Kozlowski to increase his net worth by a large margin.
Kozlowski is well-known not only for his professional accomplishments but also for his extravagant lifestyle and lavish parties; for example, he spent over $2.1 million of Tyco’s money on organising his (now-ex-) wife’s 40th birthday party in Sardinia, Italy, which included a private, one-hour concert by Jimmy Buffett and a “vodka-peeing” full-size ice replica of Michelangelo’s masterpiece David.
Tyco allegedly spent $30 million in 2000 to purchase Kozlowski’s Manhattan apartment, which included a $15k “vintage poodle umbrella stand,” $6k in shower curtains, and a $2,200 gilded wastebasket. Apart from this, Kozlowski amassed a fine art collection worth over $14.7 million and an oceanfront mansion on Nantucket Island worth $5 million, all of which were purchased using money from Tyco’s accounts. Tyco International Ltd. paid for all of Dennis Kozlowski’s “ventures,” hence they had very little effect on his wealth.
In 2002, the day after Kozlowski resigned as CEO of Tyco, he was charged with tax evasion involving his fine art collection totalling more than $1 million. However, a mistrial was declared. A few months later that same year, he was accused of “pilfering” $170 million, in addition to getting over $81 million in illicit incentives from Tyco and approximately $430 million for tainted expenditure reports paid again by, you guessed it, Tyco. Kozlowski was found guilty and given a sentence of eight to twenty-five years in prison in 2005. Dennis Kozlowski net worth is estimated to be $600 million
However, Dennis Kozlowski was freed from prison in 2014 after spending 8 years and 4 months. In addition to his prison sentence, he was fined $70 million by the US government and compelled to pay Tyco $134 million. Without a shadow of a doubt, these had a significant effect on Dennis Kozlowski net worth.
Fmr. Tyco CEO Dennis Kozlowski back to biz in M&A, prison in rear view mirror https://t.co/o9McbyDZlx pic.twitter.com/9fX5uVXQbR
— FOX Business (@FoxBusiness) February 10, 2016
Dennis Kozlowski has gone through two marriages in his personal life. With his first wife, Angeles Suarez (1971-2000), he started a family. Kozlowski was married to waitress Karen Lee Mayo from 2000 to 2006; during their time together, Mayo threw the most lavish 40th birthday party in history and afterwards received a sizeable divorce payment.
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