Annunziata quits AT&T in setback for its CEO

Article Abstract:

Robert Annunziata, president of Teleport Communications Group, a business-services group acquired by AT&T Corp. last year, is resigning to become chief executive officer of Global Crossing Ltd., a firm creating an international phone network. As a hand-picked member of AT&T Chairman C. Michael Armstrong's management team, Mr. Annunziata managed the integration of Teleport Group, a local telephone company that served corporate clients. He helped AT&T build their business-services unit, which suffered from slow growth last year. His resignation raises the issue of the need for Mr. Armstrong to build a more stable management team. Some speculate that Mr. Annunziata is resigning because he wasn't next in line to take over the CEO position from Mr. Armstrong, but he denies this, saying he just wanted to take on a more entrepreneurial position.

Telephone communications, exc. radio, Executive changes & profiles, Officials and employees, Human resource management, Telecommunications services industry, Telecommunications industry, AT&T Corp., T, Appointments, resignations and dismissals, Global Crossing Ltd., Company personnel management, Armstrong, C. Michael, Teleport Communications Group Inc., TCGI, Annunziata, Robert

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Star Telecom sets PT-1 acquisition for $591 million

Article Abstract:

Star Telecommunications Inc. has reached an agreement to acquire PT-1 Communications Inc. for $591 million in new stock. PT-1 is the largest prepaid-calling card company in the US. The company offers phone cards that enable users to use the card for direct-dial and calling-card transactions. The debit-card services will be integrated into Star's telecommunications division. This will allow the cards to be used all over the world.

PT-1 Communications Inc., STAR Telecommunications Inc.

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Dole to buy 60% of Saba Trading for $90 million

Article Abstract:

Dole Food Co. announced that has signed an agreement to purchase a majority share of Saba Trading AB for approximately $90 million. Dole will acquire a 60% share of Saba, a produce marketer based in Sweden. However, many analysts are concerned about the struggling Russian economy's impact on Dole. Saba has a market share of 40% in Sweden and yearly revenues of $500 million.

Comment:

Dole Food to acquire 60% of Saba Trading for approximately $90 million

Foreign operations, Food & Kindred Products, Food Manufacturing, Sweden, Groceries Wholesale, General Line Grocery Wholesalers, Dole Food Company Inc., Food distributors, Saba Trading AB

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