December 31, 2002 12:55 PM PST

Global Crossing chairman resigns

Global Crossing, a troubled telecommunications company that declared bankruptcy nearly a year ago, 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 early this year.

The company, in the midst of a reorganization, elevated directors Jeremiah Lambert and Myron Ullman III to be co-chairmen, effective Tuesday, along with Winnick's resignation. 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 specializing in regulated industries such as electricity, natural gas and telecom sectors. Ullman, retired held executive positions at Wharf Holdings, R.H. Macy and DFS Group. The two joined the board in April 2002.

Global Crossing began bankruptcy proceedings in January, and various subsidiaries have filed separate bankruptcy claims throughout the year.

 

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