NEW YORK (CNNfn) - Leo Hindery resigned as chief executive of Global Crossing Ltd. Wednesday after just seven months in the top post at long-distance company.|
The company also said it expects to meet or exceed its recently increased projections for the third quarter and full year, and said it believes it is well positioned for 2001 and beyond. It did not give any details of the new guidance, but it has set a conference call for Wednesday morning.
Analysts surveyed by earnings tracker First Call forecast Global Crossing (GBLX: Research, Estimates) lost 71 cents a share in the recently completed third quarter, more than the 7 cents a share loss in the year-earlier quarter. It is expected to lose $2.56 a share in 2000 and $2.58 a share in 2001.
Hindery's resignation comes just weeks after the division of the company he was hired to run, the GlobalCenter Web-hosting business, was acquired for $6.5 billion by Exodus Communications. He will remain in charge of that business unit until the completion of the sale.
Hindery is succeeded by Global Crossing Vice Chairman Thomas Casey. The company's co-chief operating officers, David Walsh and Gary Cohen, will remain in place, the company said.
Hindery, 53, is expcted to net up to $247.5 million in stock from the sale of GlobalCenter, the Wall Street Journal reported Wednesday. With that asset gone, Hindery's job at the company is viewed as having been completed, the newspaper said.
Global Crossing stock fell $2.31 to $21.56, a new 52-week low.