: Fenix Investors

Global Crossing Ltd. (Nasdaq: GBLX) announced this morning that CEO Leo Hindery was leaving his post “by mutual agreement” after seven months on the job.
According to Casey, the carrier is on target to meet and probably exceed its earnings estimates, including over $1 billion recurring adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for the year and third-quarter revenues between $435 and $440 million.
Over the past two years, for example, it’s moved from being primarily a supplier of undersea cable to getting involved in the incumbent LEC (local exchange carrier) business through its purchase of Frontier Corp. — which it sold this summer — to recasting itself as a provider of large enterprise data services.
And even that role seems shifty. Late last month, Global Crossing sold its Web hosting subsidiary, Global Center Inc., to Exodus Communications Inc. (Nasdaq: EXDS) for roughly $6.5 billion. In doing so, it jettisoned one of the key services that made up its telecom portfolio — at least as stated in the company’s latest 10-K/A filing with the SEC.