O/T FYI
HAMILTON, Bermuda, Dec 6, 1999 (BUSINESS WIRE) -- Global Crossing Ltd.
(Nasdaq:GBLX):
-- Former CEO of TCI and AT&T Broadband & Internet Services is
proven business builder
-- Will spearhead rapid worldwide expansion of GlobalCenter
Internet services business
-- IPO or tracking stock under consideration for GlobalCenter
Global Crossing Ltd. (Nasdaq:GBLX), which is building and operating
the world's most advanced global IP-based fiber optic network, today
announced that Leo J. Hindery, Jr. has joined the company as Chairman
and CEO of its GlobalCenter, Inc. Internet services operation.
Hindery, 52, until recently was President and Chief Executive Officer
of AT&T Broadband & Internet Services (AT&T BIS), the business unit
responsible for all of AT&T's domestic local telephony, video and data
services operations. He had previously been President and Chief
Executive Officer of Tele-Communications, Inc. (TCI) before it was
acquired by AT&T.
An accomplished technology and media executive with strong operating
and financial skills, Hindery has a track record of building businesses
and creating shareholder value. During his tenure at TCI, Hindery
reshaped both the company and the cable industry and helped create more
than $50 billion in value for TCI shareholders.
GlobalCenter is a leading e-commerce service provider which offers
customers the Internet infrastructure required to manage highly
available, flexible and scalable online enterprises by seamlessly
integrating its proprietary infrastructure, applications and
intelligence. Currently the world's second largest web-hosting business
with more than one trillion hits per year, GlobalCenter hosts more than
300 of the top Internet brands, including many of the largest and most
densely trafficked sites on the Web, such as Yahoo!, The Motley Fool,
Ziff Davis, MP3.com and eToys.
"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 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. We are exploring ways to maximize the exceptional value of
GlobalCenter, including a possible IPO of a minority stake or through a
tracking stock in the near future. No one is better qualified than Leo
to make the most of GlobalCenter for the benefit of our shareholders."
"Our Internet services capabilities and ultra-high-bandwidth global
network are mutually reinforcing assets: web hosting requires a
state-of-the-art network, while at the same time the exploding demand
for advanced Internet-based services is driving traffic on our
network," said Robert Annunziata, Chief Executive Officer of Global
Crossing. "As Leo accelerates the growth of GlobalCenter, our
shareholders will benefit from our ability to better serve
multinational customers which are increasingly focused on online
businesses and e-commerce capabilities. We are delighted to have
recruited one of the finest growth-oriented executives in the world to
our team and look forward to his many contributions in the years
ahead."
"Global Crossing is an innovative and fast-paced leader in a global
growth industry with a superb management team and unlimited
opportunities," said Hindery. "I have been offered many attractive
situations since leaving AT&T, and I believe the GlobalCenter business
has the potential to become the most successful and valuable
Internet-centric service company in the world. We will accelerate the
growth of GlobalCenter's remarkable assets by expanding both its
Internet services capabilities and its geographic reach in the U.S.,
Europe, and Asia early next year, in each case in conjunction with
Global Crossing's rapidly expanding global network."
Prior to joining TCI in March 1997, Hindery was Managing General
Partner of InterMedia Partners, which he founded in 1988 and built into
the nation's ninth largest multiple cable system operator (MSO). Before
launching InterMedia, Hindery was Chief Officer for Planning and
Finance of The Chronicle Publishing Company of San Francisco, a major
newspaper and television broadcast company and, at the time, also a
significant MSO. Previously, he was Chief Financial Officer and
Managing Director of Becker Paribas, Inc., an investment banking firm.
He started his career at Utah International Inc. in 1971, where he
became the company's senior financial officer, with responsibility for
financing, acquisitions and development.
Hindery earned his M.B.A. degree with honors from Stanford University
Graduate School of Business in 1971. He received an undergraduate
degree with honors from Seattle University.
Hindery is a director of Adauction.com, Inc.; Knowledge Enterprises,
Inc.; Sybase, Inc.; Tanning Technology Corp.; and TD Waterhouse Group,
Inc. Active in many industry groups, he is Vice Chairman of the Museum
of Television and Radio; Chairman of Cable in the Classroom; a director
of the Walter Kaitz Foundation; and Honorary Chair of Cable Positive,
the cable industry's AIDS awareness organization. Hindery is a member
of the Stanford Business School Advisory Council, a trustee of Hampton
University, and a director of the Daniels Fund.
About GlobalCenter
As a leading commerce service provider, GlobalCenter addresses four
areas that are critical to ensure business availability and
scalability: connectivity, data centers, "on-demand" utility
applications and professional services.
GlobalCenter Connectivity: GlobalCenter services are provisioned
directly over the Global Crossing Network, the leading global fiber
optic network. This network gives GlobalCenter the control needed to
meet the level of services customers demand in content, performance and
availability. The network is a state-of-the-art infrastructure,
assuring that customer content gets to end users. The network is
architected with extensive peering relationships to route content to
the perimeter of the Global Crossing Network, bypassing the congested
public infrastructure.
GlobalCenter Data Centers: GlobalCenter's geographically distributed
data centers are designed to ensure high availability and performance
for customers by condensing the path of content delivery. The data
centers are located in major metropolitan business centers and are
seamlessly integrated into the Global Crossing Network infrastructure,
making the data centers always "On Net." Data centers are built to
specifications that deliver the highest standards in security and
reliability as "uptime" is imperative to get customer content to end
users.
GlobalCenter "On-Demand" Utility Applications: GlobalCenter offers
value-added utility-based applications and services in an outsourced,
on-demand model. Businesses that need enterprise-class solutions can
choose from a menu of scalable applications and services. Outsourcing
applications and services allows customers access to low-cost,
enterprise-class utility applications managed and monitored in data
centers backed by a global infrastructure.
GlobalCenter Professional Services: GlobalCenter provides customers a
dedicated team of Internet specialists and industry-leading partners to
integrate the scale and intelligence demanded to grow an online
business. This group has diversified expertise including systems
architecture, IP networking and application and security engineering
provided on an "on-demand" basis.
About Global Crossing
Global Crossing Ltd. (Nasdaq:GBLX) is building and offering services
over the world's first global fiber optic network with 92,700 announced
route miles, serving five continents, 24 countries and more than 170
major cities. The Global Crossing Network and its telecommunications
and Internet product offerings will be available to over 80% of the
world's international communications traffic. Through its Global Marine
Systems subsidiary, Global Crossing also owns the largest fleet of
cable laying and maintenance vessels in the world and currently
services more than a third of the world's undersea cable miles. Global
Crossing is included in both the S&P 500 and the Nasdaq 100. Global
Crossing's operations are headquartered in Hamilton, Bermuda, with
principal offices in Los Angeles, California, Morristown, New Jersey,
and Rochester, New York.
Statements made in this press release that state Global Crossing Ltd.'s
or management's intentions, beliefs, expectations, or predictions for
the future are forward-looking statements. Such forward-looking
statements are subject to a number of risks, assumptions and
uncertainties that could cause Global Crossing Ltd.'s actual results to
differ materially from those projected in such forward-looking
statements. These risks, assumptions and uncertainties include: the
ability to complete systems within currently estimated time frames and
budgets; the ability to compete effectively in a rapidly evolving and
price competitive marketplace; changes in the nature of
telecommunications regulation in the United States and other countries;
changes in business strategy; the successful integration of
newly-acquired businesses; the impact of technological change; and
other risks referenced from time to time in Global Crossing Ltd.'s
filings with the Securities and Exchange Commission |
