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Global Crossing Chairman resigns

LOS ANGELES DEC. 31. Gary Winnick, founder and Chairman of the bankrupt telecommunications company Global Crossing, said he would resign from the board of directors effective today. In a letter to the board yesterday, Mr. Winnick said he was stepping down after helping develop a reorganisation plan for the company and making good on his pledge to reimburse $25 million to employees who owned company stock in their retirement plans. A company spokeswoman said the board will meet early next month to name a replacement.

Global Crossing was once one of the hottest high-tech companies that had hoped to dominate the market for high-speed data communications.

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