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ASHBURN, Va. — PSINet Inc. said co-founder William L. Schrader is stepping down as chairman and chief executive, as the struggling Internet provider looks to sell assets and restructure amid a severe cash shortage.
Harry G. Hobbs was named CEO. Mr. Hobbs was also named to the company’s board. He has served PSINet (PSIX) in various capacities since 1997, most recently as president and chief operating officer.
In his new position, PSInet said, Mr. Hobbs will focus primarily on developing and executing a business plan aimed at moving the company through its restructuring.
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