Tyco International Ltd.'s Chief Executive Ed Breen will not leave the company to fill the CEO vacancy at Hewlett-Packard Co., the manufacturing conglomerate said on Thursday.
Financial services firm Ryan, Beck and Co. released an options newsletter on Thursday, saying there were rumors circulating that Breen would leave to take the top job at H-P.
"Ed is not going anywhere," said Tyco spokeswoman Sheri Woodruff, who had heard the speculation about a possible departure.
Breen, a former Motorola Inc. executive, is credited with turning Tyco around after two of its former executives were charged with looting the company of $600 million.
H-P's board ousted Chief Executive Carly Fiorina, prompting speculation about who might replace her at the computer maker.