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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: Cheeky Kid who wrote (60363)	10/11/2000 9:33:45 PM
From: StockDung	Respond to of 122087

Global Crossing's Leo Hindery Will Leave $250 Million Richer Hamilton, Bermuda, Oct. 11 (Bloomberg) -- Leo Hindery, who resigned as chief executive of Global Crossing Ltd. after less than a year at the worldwide communications network company, will leave about a quarter of a billion dollars richer. That's more than $100,000 an hour, assuming Hindery worked a 50-hour week since he arrived at Global Crossing on Dec. 6 through today without any time off. Almost all the pay stems from a provision Hindery negotiated in his employment contract when Global Crossing hired him as chief executive of GlobalCenter, its Web-hosting unit. In the event of a sale of the unit, Hindery was guaranteed 5.5 percent of any amount more than $2 billion, according to a proxy statement filed with the Securities and Exchange Commission. On Sept. 28, Global Crossing announced it was selling the unit to rival Web-hosting company, Exodus Communications Inc., for $6.5 billion in stock. That works out to $247.5 million in Exodus shares when the transaction closes, scheduled for later this year. Hindery also will get paid for the remaining two years and five months of his contract at a base salary of $995,000 and a minimum bonus of $500,000. Hindery's Global Crossing exit won't be the first time he's left a job on a golden note. A year ago, Hindery departed from AT&T Corp. where he was president of AT&T Broadband & Internet Services. According to data provided by CDA/Investment, Hindery's options and stock rights would have been worth $52 million if exercised at the time, Broadcasting & Cable magazine reported. Hindery held AT&T and Liberty Media Group stock then worth $254.4 million, the magazine said. Hindery couldn't be reached for comment. Oct/11/2000 18:24 ET