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Global Crossing names co-chairmen

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.

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