Global Crossing Snags a CFO

September 23rd, 2008 by · Leave a Comment

glbc has hired John Kritzmacher as its next CFO, starting October 1.  Kritzmacher was CFO of Lucent until its merger with Alcatel, and had previously worked his way up through the AT&T heirarchy before that.  He replaces Jean Mandeville, who deserves a lot of credit for dragging the company from what was in 2004 - a complete basketcase - to where it is today - closing in on viability.

And I do mean that, I was amazed that Mandeville managed to do it, the company seemed destined for Chapter 22 bankruptcy back then (that's a second Chapter 11) with a litany of financial problems any one of which might have been fatal.  And I have also been impressed with the transparency with which he did it.  Certainly there were many bumps along the way, but overall one has to say he pulled it off.  So good luck to Mandeville wherever he goes from here.  And good luck to Kritzmacher going forward, be glad you won't need it quite as badly.

I have long speculated on this blog that Global Crossing will be bought, and I still think that is its eventual destiny.  However, I have to say that in the short term they look healthier than they ever have - and this doesn't look like a caretaker CFO they have hired.  If they manage to add a little metro fiber in their USA diet, I just might change my mind.

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Categories: Financials · Internet Backbones · Mergers and Acquisitions

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