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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
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) March 2, 2000
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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
________________________________________________________________________________
(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 March 2, 2000, 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 March 2, 2000
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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: March 3, 2000
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EX-99.1
2
PRESS RELEASE OF THE REGISTRANT, DATED MARCH 2, 2000
Exhibit 99.1
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LEO HINDERY SUCCEEDS BOB ANNUNZIATA AS CEO OF GLOBAL CROSSING
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GLOBAL CROSSING PLANS TO ISSUE GLOBALCENTER TRACKING STOCK
HAMILTON, BERMUDA, March 2, 2000 -- Global Crossing Ltd. (Nasdaq: GBLX)
announced today that Leo Hindery has succeeded Bob Annunziata as Chief Executive
Officer. Annunziata will continue as a director of Global Crossing.
Hindery will also continue to serve as Chief Executive Officer of GlobalCenter
Inc., the Global Crossing subsidiary that provides complex web hosting and
Internet infrastructure services. Global Crossing plans to create a tracking
stock for GlobalCenter, which will continue to complement Global Crossing's
worldwide operations.
Gary Winnick, Global Crossing Founder and Chairman, said, "We deeply
appreciate all that Bob Annunziata has done to help build Global Crossing over
the past year. With our unparalleled global IP network now nearly completed, we
are focusing on maximizing the value of our unique broadband and Internet assets
while ramping up delivery of value-added services to customers throughout the
world. Leo Hindery is the ideal executive to help Global Crossing realize its
full potential. Leo knows how to run large companies, he has current Internet
experience and he has a proven record of creating shareholder value. At TCI, he
reshaped the company and the cable industry, creating $50 billion in value for
its shareholders."
Bob Annunziata said, "My passion is taking small companies and growing them
into large companies. In the past year, Global Crossing has accomplished what I
thought would take 3-4 years to achieve. We've grown from 150 employees to over
14,000 employees including pending acquisitions, produced annualized revenues of
$4 billion, enlarged our network presence to include North America, Europe and
Asia, and expanded our product offerings beyond bandwidth to provide our
customers a full range of Internet, data and voice services. This is now a
major global enterprise with extraordinary opportunities. My long-time friend
Leo Hindery is the right person to lead Global Crossing in the next phase of its
development, and I look forward to continuing to participate in the Company's
success as both a director and a shareholder."
Leo Hindery said, "Global Crossing has successfully built a unique global
network at record speed. Now we have to make it deliver results for our
customers and shareholders. I look forward to working with the company's strong
management team to take full advantage of Global Crossing's historic market
opportunity to provide global connectivity and a broad range of valuable
Internet and other services to our customers. At the same time, we have a
strong
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management team in place at GlobalCenter led by exceptional co-COOs, reporting
to me, who run day-to-day operations."
Global Crossing also said it has begun to streamline its reporting structure
and has eliminated the vice chairman titles previously held by Joe Clayton and
Jack Scanlon. Clayton will continue to head the Americas region and Scanlon
will become vice chairman of Asia Global Crossing.
Before joining Global Crossing late last year, Hindery was President and CEO
of AT&T Broadband & Internet Services, the business unit responsible for all of
AT&T's domestic local telephony, video and Internet operations. He was
previously President and CEO of Tele-Communications, Inc. (TCI) before its
acquisition by AT&T. While President and CEO of TCI, he was also CEO of TCI's
two tracking stock entities, Liberty Media and TCI Ventures.
Before joining TCI in March 1997, Hindery was Managing General Partner of
InterMedia Partners, which he founded in 1988 and built into the nation's ninth
largest cable company. Before launching InterMedia, Hindery was Chief Officer
for Planning and Finance of The Chronicle Publishing Company.
Hindery is a director of Adauction.com, Inc.; Sybase, Inc.; Tanning
Technology Corp.; and TD Waterhouse Group, Inc. He is a member of the Stanford
Business School Advisory Council, a trustee of Hampton University, and a
director of the Daniels Fund. He received his M.B.A. degree with honors from
Stanford University Graduate School of Business and his undergraduate degree
with honors from Seattle University.
About Global Crossing
Global Crossing Ltd. is building and offering services over the world's first
global fiber-optic network with 97,200 announced route miles, serving five
continents, 24 countries and more than 200 major cities. The Global Crossing
Network and its telecommunications and Internet product offerings will be
available to over 80% of the world's international communications traffic.
Global Crossing's subsidiary, GlobalCenter Inc., is a leading Internet services
company and provides customers with the Internet infrastructure and complex web
hosting necessary to manage sophisticated online enterprises on a global basis.
Among its customers are some of the largest and most densely trafficked sites on
the Web, including Yahoo!, The Motley Fool, Ziff Davis, MP3.com and eToys.
Global Crossing's operations are headquartered in Hamilton, Bermuda, with
principal offices in Los Angeles; London; Morristown, NJ; Rochester, NY; and
Miami, FL. Visit Global Crossing at www.globalcrossing.com.
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Forward Looking Statements
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Statements made in this press release that state the Company's or management's
intentions, beliefs, expectations, or predictions for the future are forward-
looking statements. Such forward-looking statements are subject to a number of
risks, assumptions and uncertainties that could cause the Company's actual
results to differ materially from those projected in such forward-looking
statements. These risks, assumptions and uncertainties include the ability to
complete systems within currently estimated time frames and budgets; the ability
to compete effectively in a rapidly evolving and price competitive marketplace;
changes in the nature of telecommunications regulation in the United States and
other countries; changes in business strategy; the successful integration of
newly-acquired businesses; the impact of technological change; and other risks
referenced from time to time in the Company's filings with the Securities and
Exchange Commission.
Investor contacts:
Jerry Leshne
310/385-3838
[email protected]
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Jensen Chow
310/385-5283
[email protected]
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Press contacts:
George Sard/Kim Polan
212/687-8080
[email protected] or [email protected]
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Tom Goff
310/385-5231
[email protected]
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