Excerpt: “Global Crossing: CEO Leo Hindery is Out, Thomas Casey is In”
- Leo Hindery, former head of AT&T Corp.’s cable television operations, had only been at the job seven months. He joined Global Crossing last December and succeeded former CEO Bob Annunziata in March. But in the past few months, Global Crossing stock has tumbled from a 52-week high of $61 13/16 to a 52-week low of $20 1/8 in morning trading Wednesday.
- “I have done what I set out to do at Global Crossing — improve operating management and rationalize operating assets, realize the value of GlobalCenter, and meet or exceed quarterly financial goals,” Hindery said.
- Casey, 48, will be the company’s fourth CEO since it was founded about three and a half years ago.
- The Hamilton, Bermuda-based company has yet to show a profit. The Hamilton, Bermuda-based company has yet to show a profit. According to First Call/Thomson Financial, analysts expect to see a loss of 71 cents per share in the third quarter and a $2.56 per share loss for the year.