Blackwater Founder Steps Down as CEO

Now called Xe, security company regroups, changes focus
By Katherine Thompson,  Newser Staff
Posted Mar 2, 2009 11:30 AM CST
Blackwater Founder Steps Down as CEO
In this April 4, 2004 file photo, plainclothes contractors for Blackwater USA take part in a firefight as Iraqi demonstrators attempt to advance on a facility.   (AP Photo/Gervasio Sanchez)

(Newser) – Blackwater Security founder Erik Prince stepped down today as CEO of the private security company he built into one of the world's most respected—only to see it become reviled for a 2007 Baghdad massacre in which his testimony incurred congressional wrath, the AP reports. Prince expressed pride in Blackwater, recently renamed Xe, " and confidence in Xe's future."
(Read more Blackwater stories.)

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