Founder, CEO of Blackwater Steps Aside, 'Worn Out'
Is he worn out or is the gravy train gone now that Bush has left? Soon we will have an extra $600 million!!!
Erik Prince, who founded security contractor Blackwater Worldwide and remained defiant after the company became embroiled in controversy following a deadly 2007 shooting incident in Baghdad, is stepping down as chief executive of the parent company.
War for Profit
The 39-year-old Mr. Prince will retain his post as chairman but move away from daily oversight of the company he started 11 years ago. The closely held venture earned more than $600 million in revenue last year, with about a third of that coming from a major U.S. State Department contract to protect diplomats in war zones.
"I'm a little worn out by the whole thing, the politics of it all," Mr. Prince said during an interview at the company's headquarters in McLean, Va. "Me not being part of the equation reduces the 'X' on the thing."
The move comes at a turning point for the security industry. The Obama administration plans to withdraw most U.S. combat troops from Iraq by next summer and the Iraqi government is assuming legal authority over Defense Department and State Department contractors.
http://online.wsj.com/article/SB123595280053605191.html
Is he worn out or is the gravy train gone now that Bush has left? Soon we will have an extra $600 million!!!
Erik Prince, who founded security contractor Blackwater Worldwide and remained defiant after the company became embroiled in controversy following a deadly 2007 shooting incident in Baghdad, is stepping down as chief executive of the parent company.
War for Profit
The 39-year-old Mr. Prince will retain his post as chairman but move away from daily oversight of the company he started 11 years ago. The closely held venture earned more than $600 million in revenue last year, with about a third of that coming from a major U.S. State Department contract to protect diplomats in war zones.
"I'm a little worn out by the whole thing, the politics of it all," Mr. Prince said during an interview at the company's headquarters in McLean, Va. "Me not being part of the equation reduces the 'X' on the thing."
The move comes at a turning point for the security industry. The Obama administration plans to withdraw most U.S. combat troops from Iraq by next summer and the Iraqi government is assuming legal authority over Defense Department and State Department contractors.
http://online.wsj.com/article/SB123595280053605191.html
