Blackwater founder steps down as CEO

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Source: AP

Blackwater founder steps down as CEO
1 hr 33 mins ago

WASHINGTON – Blackwater founder Erik Prince is stepping down as the company's chief executive officer.

Prince said in a statement Monday that he has appointed a new president and a new CEO and that the moves were part of the beleaguered company's "continued reorganization and self-improvement."

Prince founded Blackwater in 1997 and last month the company changed its name to Xe.

The company has had a contract to protect U.S. diplomats in Iraq, but last month the State Department said it would not rehire Blackwater after its current contract with the company expires in May. The company has one other major security contract, details of which are classified.

Read more: http://news.yahoo.com/s/ap/20090302/ap_on_bi_ge/blackwater