XO Communications CEO to Resign

XO Communications Inc. said Chairman Daniel F. Akerson will resign after the seller of business-phone and Internet services emerges from bankruptcy protection, allowing financier Carl Icahn to pick a new leader.

Akerson, who has been XO’s chairman and chief executive since September 1999, wants to “pursue other business interests and spend more time with his family,” XO said.

The company didn’t name a replacement for Akerson, who plans to work with XO as a consultant after the restructuring.

Shares of Reston, Va.-based XO closed at 6 cents in over-the-counter trading.