Charles Sirois (L), chairman and CEO of Teleglobe Inc., and Kenny Troutt, president and CEO of Excel Communications Inc., talk to the media during a news conference in Montreal, June 15. Teleglobe and Excel announced they were merging in a stock swap that would create the fourth-largest long-distance phone company in North America, with a market value of $7 billion, or C$10 billion. Sirois will serve as chairman and CEO of the new Teleglobe, while Troutt will become the vice chairman, president and chief operating officer of the merged company, and remain CEO of Excel.