Bandwidth services provider Global Crossing Holdings has appointed
two new co-chairmen after founder and chairman Gary Winnick
resigned at the beginning of this week.
Global Crossing named independent directors Jeremiah Lambert and
Myron Ullman as co-chairmen to lead the company through its
reorganisation plan, which was approved last month.
Winnick has been widely criticised for amassing millions of dollars
by selling Global Crossing stock before the company went into
bankruptcy.
In January, Global Crossing filed one of the largest bankruptcies
in US corporate history, with more than $22.4bn (£14bn) in
liabilities and $12.4bn in assets. The company is under
investigation by the Securities and Exchange Commission for its
accounting practices.
Lambert, a lawyer by profession, has experience with corporate
clients in regulated industries such as electricity, gas and
telecoms. Ullman is known for his expertise in bankruptcy
reorganisation.
Both Lambert and Ullman have been members of Global Crossing's
audit committee, compensation committee and special committee on
accounting matters.