Excerpts: Moneyline News Hour
- Willow Bay: And I’ll talk with a cable industry heavyweight on his new job, Global Crossing CEO Leo Hindery.
- Willow Bay: I’d like to hear this from you in your new role as CEO, is Global Crossing in talks with Deutsche Telekom?
- Leo Hindery: Willow, we try not to comment on speculation on that particular rumor. We will comment, we are not in discussions with Deutsche Telekom and speculation to the contrary is just incorrect.
- Willow Bay: Is it your desire for Global Crossing to remain independent or would you be open to an offer should the right one come along?
- Leo Hindery: I think any chief executive, Willow, has a responsibility to try to build as much value quickly for his shareholders, and we are not ill disposed to anything that builds value for shareholders. We fully intend to run this company as a profitable, successful operating company notwithstanding if an opportunity presented itself where our shareholders were advantaged materially, we’d be irresponsible not to consider it.
- Willow Bay: Merrill Lynch downgraded Global Crossing today, they have some concerns about the management changes. Obviously, Bob Annunziata was a telecom guy and you’re background is in the cable business. What are the challenges you have ahead of you and does your cable background serve you well there?
- Leo Hindery: Well, I think it serves me extremely well. We have three extraordinary assets in the Global family, Willow: Global Crossing, the parent company, Global Center, which is the piece I had been asked to run, which is our complex Web hosting and Internet services piece, and a very high growth part of the company called Asia Global Crossing. I think the challenge is to manage them side by side by side well to the benefit of the shareholders. Much of what I did in the cable industry as president of TCI, later AT&T Broadband, was about taking network and infrastructure and trying to change it to the benefit of consumers, customers and, in the process, the industry. I don’t see the challenge being markedly different than it is here.