THE chief executive of one of Swindon's biggest employers, Tyco International, has resigned after revealing he is under investigation for tax evasion.

Tyco employs some 1,000 people at its six sites in Swindon.

Shortly before Christmas it announced that 50 workers in Swindon were to lose their jobs and that another 110 positions were under threat.

Dennis Kozlowski, the boss of the Bermuda-based company, has informed the board he is under investigation for possibly avoiding sales tax on art deals.

Investors reacted to the news by selling Tyco shares sending them to a five-year low on the New York stock exchange down 25 per cent to $16.35. Tyco shares peaked at $62.80 in January 2001.

Mr Kozlowski presided over a period in which the plastics firm expanded into one of the world's largest conglomerates.

In 1999 it took over Raychem, which has offices on Faraday Road, Swindon, and earlier this year it bought Meggitt Electronic Components, which has a factory in Westmead Industrial Estate, Westlea. The company's Swindon operations are concentrated on wire and cable production.

Mr Kozlowski pocketed an estimated $450 million from his salary, share-options and bonuses over the last four years making him one of the most highly-paid executives in the world.