Press Release Source: XO Holdings, Inc. On Friday April 8, 2011, 3:34 pm EDT
HERNDON, VA--(Marketwire - 04/08/11) - On April 8, 2011, Carl J. Grivner resigned as Chief Executive Officer, President, and Director of XO Holdings, Inc. (the "Company") (OTC.BB:XOHO - News). Mr. Grivner stated, "It has been an honor and privilege for me to work at XO for eight years. My decision to leave the company to pursue other opportunities is a personal and difficult one. I wish the Company and all of its dedicated employees all the best in the future."
Carl C. Icahn, the Chairman of the Company's Board of Directors and majority shareholder, stated, "We wish Carl the best in his future endeavors and thank him for his contributions to the Company. We are fortunate to have one of the deepest management teams and one of the strongest balance sheets in the telecommunications industry with approximately $1 billion in equity and no outstanding debt."
The Company's Board of Directors is conducting an executive search to identify a new Chief Executive Officer and will consider both internal and external candidates. The Board of Directors has established an executive committee to oversee the Company's operations until a permanent chief executive is selected. The executive committee will be comprised of Daniel J. Wagner, who will continue to lead XO's Business Services unit, Ernest Ortega, who will continue to lead its Carrier Services unit, and Laura W. Thomas, the Company's Chief Financial Officer, who will oversee all corporate functions and other business units. Mr. Grivner has agreed to assist the Company during this transition period. |
