Global Crossing loses its head

Dodgy dealings aplenty...

Bankrupt telco Global Crossing has accepted the resignation of its board chairman and appointed two directors to take his place. Gary Winnick resigned his chairmanship following complaints that he sold hundreds of millions of dollars worth of company stock in advance of Global Crossing's bankruptcy declarations, which commenced almost a year ago in early 2002. The company, in the midst of a reorganisation, elevated directors Jeremiah Lambert and Myron Ullman III to be co-chairmen. They join board members Alice Kane, John Legere - the company's chief executive - and Lodwrick Cook, who is relinquishing his position as co-chairman but will retain his seat on the board. Lambert is a corporate lawyer specialising in regulated industries such as electricity, natural gas and telecom sectors. Ullman previously held executive positions at Wharf Holdings, R.H. Macy and DFS Group. The two joined the board in April 2002. Paul Festa writes for News.com