The Board of Directors of Global Crossing today announced that it has accepted the resignation of Gary Winnick as Chairman of the Board and a member of the Board of Directors, effective today.
In a statement, the directors said, "We wish to acknowledge Gary Winnick's role as founder of a company that today provides advanced telecommunications services to thousands of customers worldwide. The company's Plan of Reorganization having now been approved, we respect his desire to make this decision."
It is anticipated that independent directors Jeremiah D. Lambert and Myron E. Ullman, III will be elected as Co-Chairmen of the Board of Directors, also effective today.
Other continuing members of the Board include: Alice T. Kane, Global Crossing Chief Executive John Legere, and Lodwrick Cook, who will step down as Co-Chairman of the Board.
Messrs. Lambert and Ullman have served since April 2002 as independent directors of Global Crossing and as members of the Audit Committee, Compensation Committee and Special Committee on Accounting Matters.
Mr. Lambert is a nationally known lawyer whose practice has focused on corporate clients in regulated industries, including those in the electricity, natural gas and telecom sectors. He previously served as a senior partner in Shook, Hardy & Bacon L.L.P., and was the co-founder and chair of Peabody, Lambert and Meyers. Mr. Lambert, who began his legal practice at Cravath, Swaine & Moore, is a frequent lecturer and widely published author.
Mr. Ullman, who has retired from full-time corporate activity, has extensive experience, both domestically and internationally, in corporations, government and academia. Over the past 15 years, he has led major businesses in Asia (Wharf Holdings Ltd.), the United States (R.H. Macy & Co., Inc. and DFS Group Ltd.) and, most recently, in Europe (LVMH Moët Hennessy Louis Vuitton and De Beers LV). Mr. Ullman has also served on numerous business, community and not-for-profit boards.
