Excerpts: Global Crossing CEO out

  • Analysts surveyed by earnings tracker First Call forecast Global Crossing (GBLX: Research, Estimates) lost 71 cents a share in the recently completed third quarter, more than the 7 cents a share loss in the year-earlier quarter. It is expected to lose $2.56 a share in 2000 and $2.58 a share in 2001.
  • Hindery’s resignation comes just weeks after the division of the company he was hired to run, the GlobalCenter Web-hosting business, was acquired for $6.5 billion by Exodus Communications. He will remain in charge of that business unit until the completion of the sale.
  • Hindery, 53, is expcted to net up to $247.5 million in stock from the sale of GlobalCenter, the Wall Street Journal reported Wednesday. With that asset gone, Hindery’s job at the company is viewed as having been completed, the newspaper said.
  • Global Crossing stock fell $2.31 to $21.56, a new 52-week low.

Source: CNN