Head Of Xe, Company Formerly Called Blackwater, Resigns

Blackwater founder Erik Prince is stepping down as the North Carolina 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 Moyock, Currituck County 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.

A report by a House committee in October 2007 called Blackwater
an out-of-control outfit indifferent to Iraqi civilian casualties.

It said that Blackwater had been involved in nearly 200 shooting incidents since 2005.

Last week, a helicopter crashed during training at XE, killing one person.

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