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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: MileHigh who wrote (4765)	3/7/2000 4:11:00 PM
From: Jeffrey D	Read Replies (2) \| Respond to of 15615

Very interesting article from the UK's Daily Telegraph. Jeff << THE DAILY TELEGRAPH: CITY: OUSTED TELECOM CHIEF AWARDED $80M OPTIONS 99% match; The Daily Telegraph - United Kingdom ; 07-Mar-2000 12:00:00 am ; 278 words IT'S been a profitable year for Bob Annunziata. The 51-year-old arrived as chief executive of Bermuda telecoms start-up Global Crossing 12 months ago, watched a $37 billion merger fall apart three months later and is now entitled to a $80m share options payout after being pushed aside by the company. Mr Annunziata, who joined Global Crossing from AT&T, has been squeezed out as chief executive by former cable TV boss Leo Hindery in a move widely interpreted as a prelude to a major takeover. He will remain a director and keep the options package to which he was entitled as chief executive as well as a $10m signing-on bonus. Mr Annunziata's ousting is being seen by Wall Street as the price for failing to clinch a big deal. He landed local and long-distance carrier Frontier for $11 billion, agreed to buy Racal Telecom for $1.65 billion and bought Cable & Wireless's underseas cable arm for $550m. However, his biggest deal fell apart last year when he was trumped by rival Qwest Communications in his $37 billion bid for local phone firm US West. Mr Hindery, 52, a deal-maker who turned around cable TV group TeleCommunications and sold it to AT&T for $56 billion, is being promoted as talks continue about the latest telecommunications mega-merger. Deutsche Telekom, which last year lost out in its bid to buy Olivetti, is reported to be attempting to buy both Qwest and US West in separate deals that could total $80 billion. Global Crossing's billionaire founder and chairman Gary Winnick is believed to be considering forging a rival deal with Deutsche and has also been linked with other companies including Cable & Wireless. Mr Annunziata is no stranger to big paydays. Shares and options he held in Teleport Communications, which he headed for 15 years, were worth $30m when the company was bought by AT&T last year. World Reporter All Material Subject to Copyright