Excerpts: “Global Crossing’s Leo Hindery for Hire: Quits After Just 10 Mos.”

  • A year later, he repeated the fix-and-flip process at Global Crossing by packaging its fiber optic Internet pipelines and selling them to Exodus Communications for $6.1 billion. That gave Hindery a profit of $205 million for his 10 months of work there.
  • Global Crossing’s stock sank to a new low yesterday on news of his departure, falling 10 percent to $21.44, off $2.44. The shares had hit a 52-week high back in February when Hindery first landed at the company.
  • Replacing him as CEO is the company’s vice chairman, lawyer Tom Clancy, 48. Global Crossing’s billionaire founder and chairman, California merchant-banker Gary Winnick, 51, will remain chairman.
  • Hindery, an ex-Wall Streeter, joined Winnick’s Global Crossing group in January with a spinoff plan in his pocket. He first headed up its Internet services group, GlobalCenter, and in three months was promoted to CEO of the parent, Global Crossing.
  • Hindery soon sold the Internet assets and almost had a deal to sell the company’s vast undersea fiber-optic cables to Germany’s telecommunications giant, Deutsche Telekom, but the sale never materialized.

Source: The New York Post