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Key man quits AT&T
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February 25, 1999: 9:42 a.m. ET
Annunziata's departure for rival seen as setback for Armstrong's overhaul
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NEW YORK (CNNfn) - Robert Annunziata, head of AT&T Corp.'s business services operation, has resigned after six months in that post to join a competitor, dealing a blow to Chairman Michael Armstrong's efforts to overhaul AT&T.
Annunziata, 50, joined AT&T last year after it bought Teleport Communications, a local phone company he built, and became head of business services in September.
He resigned Wednesday to become chief executive of Global Crossing Ltd., a nimble, two-year old business that is building a global phone network.
Annunziata had reported directly to Armstrong, who has been struggling to overhaul AT&T, the nation's biggest long-distance phone carrier.
AT&T (T) shares fell 1-3/8 to 84-9/16 while Global Crossing (GBLX) jumped 4-1/4 to 57-7/8 after it announced Wednesday that Annunziata was joining the Bermuda-based company. 
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