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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) February 24, 1999
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GLOBAL CROSSING LTD.
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(Exact Name of Registrant as Specified in Charter)
Bermuda 000-24565 98-0189783
____________________________ ___________ ___________________
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
Wessex House, 45 Reid Street, Hamilton HM12 Bermuda
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (441) 296-8600
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NOT APPLICABLE
________________________________________________________________________________
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On February 24, 1999, the Registrant issued the press release attached as
Exhibit 99.1 to this Current Report on Form 8-K.
Item 7. Exhibits.
The following exhibit is filed as part of this Current Report on
Form 8-K:
Exhibit Number Exhibit
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99.1 Press Release of the Registrant, dated February 24, 1999
2
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GLOBAL CROSSING LTD.
(Registrant)
/s/ Dan J. Cohrs
____________________________
Dan J. Cohrs
Senior Vice President and
Chief Financial Officer
Date: February 24, 1999
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Exhibit 99.1
Global Crossing Names Robert Annunziata Chief Executive Officer
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. Runs AT&T's $22 billion worldwide business services group
. Will lead Global Crossing in rapid build-out of worldwide network
. Founder and CEO of Teleport, which he sold to AT&T for $12 billion in 1998
. Jack Scanlon named vice chairman; will lead effort to expand international
customer base and form alliances with major new telecommunication customers
Hamilton, Bermuda, February 24, 1999 - Global Crossing Ltd. (NASDAQ: GBLX),
owner and operator of the world's first independent global fiber optic network,
today announced that Robert Annunziata, 50, is joining the company as Chief
Executive Officer and a director. Jack Scanlon, 57, currently CEO of Global
Crossing, has been named Vice Chairman.
Since September 1998, Annunziata has been President of AT&T's $22 billion
business services group, responsible for AT&T's global network and for providing
voice, data, and Internet services to 8 million business customers worldwide.
Annunziata reported directly to Michael Armstrong, CEO of AT&T, the world's
largest international telecom operator.
Annunziata spent the previous 15 years as chairman and CEO of Teleport
Communications Group (TCG), the country's first and largest competitive local
exchange carrier, which he built from the ground up before selling the company
to AT&T for $12 billion in 1998. TCG laid 10,000 miles of fiber optic cable and
built 50 local switches connecting 85 major U.S. metropolitan service areas.
Earlier in his career, Annunziata spent 17 years at AT&T in a variety of
increasingly senior operations, sales and marketing positions.
"Bob Annunziata is a world-class entrepreneur who has over 30 years of
operating experience in the telecommunications industry and a track record of
creating substantial shareholder value," said Founder and Co-Chairman Gary
Winnick. "There is no one better qualified than Bob to build our company into
the premier global telecommunications platform for the delivery of broadband
services spanning data, voice, video and IP transmissions."
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"I have enjoyed my second stint at AT&T and working with Mike Armstrong, but
running Global Crossing is the single most exciting opportunity in
telecommunications today," said Annunziata. "Global Crossing is leading the
industry in building a seamless worldwide network designed to meet the exploding
demand for bandwidth to handle Internet, voice, video and data services.
Without the burden of legacy equipment, we have a unique opportunity to become
the global telecom operator of choice for the new millennium. I am looking
forward to working with the Board, Jack Scanlon and the entire Global Crossing
team to grow the company substantially and further increase shareholder value in
the years ahead."
Lod Cook, Co-Chairman, said: "Jack Scanlon has done an outstanding job as CEO
over the past year and continues to be a tremendous asset to Global Crossing.
Under his management, we passed critical milestones in great shape - reaching
over $1 billion in contracted sales and raising over $4 billion to build the
network. Working with our strong management team, Bob will now take Global
Crossing to the next level and Jack will continue to play a key role in forging
alliances with major new telecommunication customers, building our international
relationships, and delivering a state-of-the-art global telecommunications
network."
About Global Crossing
Global Crossing is building and operating the world's first independent global
fiber optic platform for data, voice, video and Internet transmissions. The
Global Crossing network will span four continents and address 80% of the world's
international traffic. Global Crossing's operations are headquartered in
Hamilton, Bermuda, with holding company headquarters in Los Angeles, and offices
in New York City; Morristown, New Jersey; San Francisco; Miami; London;
Amsterdam; and Buenos Aires. For more information, visit the Global Crossing
website at www.globalcrossing.bm on the World Wide Web.
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Statements made in this press release that state the Company's or management
intentions, beliefs, expectations or predictions for the future are forward-
looking statements. It is important to note that the Company's actual results
could differ materially from those projected in such forward-looking statements.
Information concerning factors that could cause actual results to differ
materially from those in the forward-looking statements is contained from time
to time in the Company's filings with the U.S. Securities and Exchange
Commission (SEC). Copies of these filings may be obtained by contacting the
Company or the SEC.
FOR MORE INFORMATION:
Investor/analyst contact: Jenson Chow, 310/385-5283 or [email protected]
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by e-mail.
Press contact: Tom Goff, on Wednesday 212/687/8080, after Wednesday 310/385-
5231 or [email protected] by e-mail; or George Sard/Heather Reeves, Sard
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Verbinnen & Co., 212/687/8080
General information: Visit Global Crossing www.globalcrossing.bm on the World
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Wide Web.
