It's been a profitable year for Bob Annunziata. According to London's Daily Telegraph, the 51-year-old arrived as chief executive of Bermuda telecoms start-up Global Crossing 12 months ago, watched a $37 billion merger fall apart three months later and is now entitled to a $80m share options payout after being pushed aside by the company.

"Mr Annunziata, who joined Global Crossing from AT&T, has been squeezed out as chief executive by former cable TV boss Leo Hindery in a move widely interpreted as a prelude to a major takeover,'' the article said.

"He will remain a director and keep the options package to which he was entitled as chief executive as well as a $10m signing-on bonus.'' The article said Mr Annunziata's ousting is being seen by Wall Street as the price for failing to clinch a big deal.

He landed local and long-distance carrier Frontier for $11 billion, agreed to buy Racal Telecom for $1.65 billion and bought Cable & Wireless's underseas cable arm for $550m.

However, his biggest deal fell apart last year when he was trumped by rival Qwest Communications in his $37 billion bid for local phone firm US West.

Mr Hindery, 52, a deal-maker who turned around cable TV group Telecommunications and sold it to AT&T for $56 billion, is being promoted as talks continue about the latest telecommunications mega-merger.

Deutsche Telekom, which last year lost out in its bid to buy Olivetti, is reported to be attempting to buy both Qwest and US West in a separate deal that could total $80 billion.

Global Crossing's billionaire founder and chairman Gary Winnick is believed to be considering forging a rival deal with Deutsche and has also been linked with other companies including Cable & Wireless.

Mr Annunziata is no stranger to big paydays.

Shares and options he held in Teleport Communications, which he headed for 15 years, were worth $30m when the company was bought by AT&T last year.

Big pay-off: Bob Annunziate, former head of Bermuda base Global Crossing.

BUSINESS BUC