GBLX---buy it for the next 5 years.
Leo Hindery to head GlobalCenter
Shares of parent Global Crossing jump 6 percent
By Lisa Sanders, CBS MarketWatch
Last Update: 2:16 PM ET Dec 6, 1999
Also: NewsWatch
HAMILTON, Bermuda (CBS.MW) -- Global Crossing announced
Monday that Leo Hindery has joined the company as chairman and chief
executive officer of its Internet services operation GlobalCenter.
Shares of Global Crossing (GBLX: news, msgs), a
fiber optic network company, surged almost 6
percent on the news to 47 5/8 in midday trading.
Hindery, formerly the chief executive of TCI and
AT&T broadband and Internet services, will lead
the worldwide expansion of GlobalCenter, Global
Crossing said.
Les Fineberg, a fund manager at Investor's Capital,
hailed the duo of Global Crossing Chief Executive
Robert Annunziata and Hindery, both of whom
defected from Ma Bell.
"They're combining two of the best telephony
players at AT&T for execution," he said. "It should
be a great company, No. 2 or No. 3 in the industry
within the next few years."
The company is also considering an initial public
offering or tracking stock for GlobalCenter, Global
Crossing said in a statement. Global Crossing builds and operates a
Internet provider-based fiber optic network.
GlobalCenter is an e-commerce service provider, offering customers
Internet infrastructure for their online enterprises.
"Leo Hindery is an entrepreneurial executive with world-class experience
who has created value in every situation he's been involved in," said Gary
Winnick, Global Crossing's founder and chairman. "Leo brings to
GlobalCenter a deep understanding of the rapidly growing Web hosting
and Web-based commerce markets, which will be invaluable as we build
on our already strong position in these new dynamic businesses." |
