Leo Hindery Joins Global Crossing As Chairman and CEO of GlobalCenter

Cambridge Telcom Report, Dec 13, 1999

-- Former CEO of TCI and AT&T Broadband & Internet Services is proven business builder

-- Will spearhead rapid worldwide expansion of GlobalCenter Internet services business

Global Crossing Ltd. (Nasdaq:GBLX), which is building and operating the world's most advanced global IP-based fiber optic network, Monday announced that Leo J. Hindery, Jr. has joined the company as Chairman and CEO of its GlobalCenter, Inc. Internet services operation.

Hindery, 52, until recently was President and Chief Executive Officer of AT&T Broadband & Internet Services (AT&T BIS), the business unit responsible for all of AT&T's domestic local telephony, video and data services operations. He had previously been President and Chief Executive Officer of Tele-Communications, Inc. (TCI) before it was acquired by AT&T.

An accomplished technology and media executive with strong operating and financial skills, Hindery has a track record of building businesses and creating shareholder value. During his tenure at TCI, Hindery reshaped both the company and the cable industry and helped create more than $50 billion in value for TCI shareholders.

GlobalCenter is a leading e-commerce service provider which offers customers the Internet infrastructure required to manage highly available, flexible and scalable online enterprises by seamlessly integrating its proprietary infrastructure, applications and intelligence. Currently the world's second largest web-hosting business with more than one trillion hits per year, GlobalCenter hosts more than 300 of the top Internet brands, including many of the largest and most densely trafficked sites on the Web, such as Yahoo!, The Motley Fool, Ziff Davis, MP3.com and eToys.

"Leo Hindery is an entrepreneurial executive with world-class experience who has created value in every situation he's been involved in," said Gary Winnick, Global Crossing Founder and Chairman. "Leo brings to GlobalCenter a deep understanding of the rapidly growing web-hosting and web-based commerce markets, which will be invaluable as we build on our already strong position in these new dynamic businesses. We are exploring ways to maximize the exceptional value of GlobalCenter, including a possible IPO of a minority stake or through a tracking stock in the near future. No one is better qualified than Leo to make the most of GlobalCenter for the benefit of our shareholders."

"Our Internet services capabilities and ultra-high-bandwidth global network are mutually reinforcing assets: web hosting requires a state-of-the-art network, while at the same time the exploding demand for advanced Internet-based services is driving traffic on our network," said Robert Annunziata, Chief Executive Officer of Global Crossing. "As Leo accelerates the growth of GlobalCenter, our shareholders will benefit from our ability to better serve multinational customers which are increasingly focused on online businesses and e-commerce capabilities. We are delighted to have recruited one of the finest growth-oriented executives in the world to our team and look forward to his many contributions in the years ahead."

"Global Crossing is an innovative and fast-paced leader in a global growth industry with a superb management team and unlimited opportunities," said Hindery. "I have been offered many attractive situations since leaving AT&T, and I believe the GlobalCenter business has the potential to become the most successful and valuable Internet-centric service company in the world. We will accelerate the growth of GlobalCenter's remarkable assets by expanding both its Internet services capabilities and its geographic reach in the U.S., Europe, and Asia early next year, in each case in conjunction with Global Crossing's rapidly expanding global network."

Prior to 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 multiple cable system operator (MSO). Before launching InterMedia, Hindery was Chief Officer for Planning and Finance of The Chronicle Publishing Company of San Francisco, a major newspaper and television broadcast company and, at the time, also a significant MSO. Previously, he was Chief Financial Officer and Managing Director of Becker Paribas, Inc., an investment banking firm. He started his career at Utah International Inc. in 1971, where he became the company's senior financial officer, with responsibility for financing, acquisitions and development.

Hindery earned his M.B.A. degree with honors from Stanford University Graduate School of Business in 1971. He received an undergraduate degree with honors from Seattle University.

Hindery is a director of Adauction.com, Inc.; Knowledge Enterprises, Inc.; Sybase, Inc.; Tanning Technology Corp.; and TD Waterhouse Group, Inc. Active in many industry groups, he is Vice Chairman of the Museum of Television and Radio; Chairman of Cable in the Classroom; a director of the Walter Kaitz Foundation; and Honorary Chair of Cable Positive, the cable industry's AIDS awareness organization. Hindery is a member of the Stanford Business School Advisory Council, a trustee of Hampton University, and a director of the Daniels Fund.