Global Reorganizes Finance Department

Global Crossing Ltd. reorganized its finance department and reassigned the executive who led the company’s accounting department.

Joseph Perrone, formerly executive vice president of finance, was moved to the newly created position of executive vice president of business performance, according to an internal announcement.

Perrone joined Global Crossing from Arthur Andersen and was instrumental in shaping the controversial accounting practices that later sparked investigations by the Securities and Exchange Commission and others. In addition, creditors are investigating a deal between Global Crossing and Withit, a company run by Perrone’s son that received at least $740,000 in payments from Global Crossing before it filed for bankruptcy protection in January.

Global Crossing shares rose 2 cents to 22 cents on the over-the-counter Bulletin Board.

-- Elizabeth Douglass