Grayer Heads To the Rescue.It looks like a case of turning to older and wiser heads. Older, certainly. When PSINet Inc., the foundering Internet services provider, announced a list of executives to advise it on its ongoing restructuring, prominent among them were men a generation older than the previous leadership. Heading the effort is Ian Sharp, 69, as the company's new chairman, replacing Wiliam L. Schrader, 49. Helping Sharp will be a restructuring committee that will include Ralph Swett, 66, and William H. Baumer, 68. Harry Hobbs, the company's 47-year old president, is also on the restructuring committee, and the company's CFO See Chief Financial Officer. , Lawrence E. Hyatt, is another relative youngster at 46. PSINet is going through a wrenching recovery effort. The Ashburn, Va.-based company was advised by Nasdaq in late April that its shares no longer met listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. , and it has been exploring alternatives ranging from selling itself to declaring bankruptcy. The company's flameout flame·out n. 1. Failure of a jet aircraft engine, especially in flight, caused by the extinction of the flame in the combustion chamber. 2. One that fails suddenly, especially after having been successful. has been made still more public by its multimillion-dollar agreement a couple of years ago to buy the naming rights to the Baltimore football stadium, now PSINet Stadium. The same day the PSINet restructuring team was announced, Teligent, the deeply troubled telecom firm that has entered into a partnership with IDT IDT Integrated Device Technology, Inc. (Santa Clara, CA, USA) IDT I Don't Think IDT Identity Theft IDT Interrupt Descriptor Table IDT Integrated DNA Technologies IDT Inactive Duty Training IDT Instructional Design & Technology Corp., said that Joav Krill krill: see crustacean. krill Any member of the crustacean suborder Euphausiacea, comprising shrimplike animals that live in the open sea. The name also refers to the genus Euphausia within the suborder and sometimes to a single species, E. superba. was taking over as chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and acting chief executive. Krill, head of IDT's European operations, is, at 59, no Gen-Xer, either. When a restructuring looms, some companies clearly think it makes sense to turn to people with long years and breadth of experience to draw from. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion