SM: Do you wish Raychem was around as an independent company today? PC: Yes, yes I do.
SM: Why did you make the choices you did regarding Raychem? PC: I made the decision to retire at 66 because I believe the CEO has to be young and vigorous. When I retired I decided the best thing for me would be to get away from the company and let the new younger people take it and run with it. I even resigned and retired as the chairman. I was not on the Board when the company was sold.
SM: Do you ever get approached by the private equity people to take it back? PC: Yes, but it wasn’t feasible.
SM: Is there anyone on your radar screen who could do that? PC: What has happened to it is that Raychem, AMP and Raycomm are a company of $13 billion a year now called Tyco Electronics. That is not a bad combination; they are all innovative companies and dominant in their fields. Raychem is now $3.5 billion of the $13 billion, and it has grown faster in the other parts even though they, in essence, stopped all research and development when the company was bought.
SM: If you had the trunk of a $3.5 billion company today, and the sales channel and innovation culture, and you point that engine at the big problems of today it could be so much more powerful. This company does not belong inside of Tyco. PC: No comments on that.
SM: I understand. PC: I believe that mastering a technology, finding a market need and developing solutions for that need can solve many of the worlds clean energy needs. Certainly our best people are now addressing those needs with conviction, intensity and intelligence. I think we’ll begin to see results quickly.
SM: Thank you, Paul. This has been an absolute honor.