Riesenfeld's career has focused on finance and strategy for organizations in transition and has included high level responsibility for both operational financial management and control. He has been responsible for significant activities in roadshow and stakeholder
relations, both in the IPO and financing context, and numerous mergers, acquisitions and divestitures. Riesenfeld has worked to create shareholder value for many U.S. and European based multinational enterprises.
"Stefan Riesenfeld is an outstanding executive who has demonstrated expertise in finance and strategy at sizeable electronics, communications and global information systems companies in the past," said John Legere, Asia Global Crossing CEO. "With
international experience in business strategy, negotiation, and financing transactions, he brings a valuable perspective to Asia Global Crossing."
Before joining Asia Global Crossing, Riesenfeld was Executive Vice President and Chief Financial Officer of Teledyne Technologies (NYSE:TDY), a leading provider of sophisticated electronics and communication products, systems engineering solutions and aerospace engines and components, with 1999 revenues of approximately
$800 million. In this role, he was responsible for all internal and external financial activities, including budgeting, control, treasury, corporate and project funding, investment and commercial bank relations, tax, and audit.
Prior to Teledyne, Riesenfeld was Director of Finance and Business Planning (Chief Financial Officer) at ICL PLC, a global information systems and services company headquartered in London, England, with operations in more than 40 countries and 1999 revenues of more than $4 billion. At ICL PLC, he undertook significant initiatives to
redefine and realign internal structures to facilitate business understanding and improve allocation of resources, resulting in a reduction of overhead costs. Previously, Riesenfeld was VP and Corporate Treasurer, and VP Corporate Development at Unisys Corp.
Riesenfeld received an MBA with honors from the Stanford Graduate School of Business and an MA in Economics from Stanford University in 1975. He graduated from the California Institute of Technology in 1970 with a BS in Physics.
Riesenfeld will be based in Beverly Hills, California.
About Asia Global Crossing
Asia Global Crossing is a joint venture among Global Crossing (Nasdaq:GBLX), Softbank (Tokyo Stock Exchange:9984), and Microsof (Nasdaq:MSFT) created to provide the Asia Pacific region with a full range of integrated telecommunications and IP services. Through a combination of undersea cables, terrestrial networks, city fiber rings
and complex web hosting data centers, Asia Global Crossing is building the first truly pan-Asian network that will provide the Asia Pacific region with unprecedented access to a broadband, seamless global network. Advanced IP-based telecommunications services include state-of-the-art telehouses, complex web hosting, and electronic
commerce, as well as low-cost, high-quality telephony in competition with local incumbent carriers. Assets of Asia Global Crossing include a 64.5 percent share of Pacific Crossing-1, a subsea system connecting the U.S. and Japan, and ownership of East Asia Crossing, an approximately 19,000-km fiber optic subsea system that upon completion will link Japan, Taiwan, Korea, Hong Kong, Singapore, Malaysia, the
Philippines, and China, as regulations permit.
About Global Crossing
Global Crossing Ltd. (Nasdaq:GBLX) is building and offering services over the world's most extensive global IP-based fiber optic network, which will have more than 101,000 route miles, serving five continents, 27 countries and more than 200 major cities. Global
Crossing's subsidiary, GlobalCenter Inc., is a leading Internet service business, and its customers include many of the largest and most densely trafficked sites on the Web. Asia Global Crossing, a joint venture among Global Crossing, Microsoft Corporation
(Nasdaq:MSFT), and Softbank Corp. (Tokyo Stock Exchange:9984), is building the first pan-Asian broadband IP network to provide broadband and Internet services to the Asia Pacific region. Global Crossing's operations are headquartered in Hamilton, Bermuda, with principal offices in Los Angeles, California; London, England; Morristown, New
Jersey; Rochester, New York; and Miami, Florida. Visit Global Crossing at www.globalcrossing.com on the Web.
Statements made in this press release that state the Company's or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks,
assumptions and uncertainties include: the ability to complete systems within currently estimated time frames and budgets; the ability to compete effectively in a rapidly evolving and price competitive marketplace; changes in the nature of telecommunications regulation in the United States, Asia, and other countries and regions; changes in business strategy; the successful integration of newly-acquired
businesses; and the impact of technological change.
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CONTACT: Asia Global Crossing
Investor contacts:
Jensen Chow, +1 310 385 5283 (Los Angeles)
jchow@globalcrossing.com
Press contacts:
Madelyn Smith, +1 310 385 3816 (Los Angeles)
madelyn@globalcrossing.com
General information:
Visit Global Crossing at www.globalcrossing.com
on the World Wide Web