Erik Prince, the founder of the beleaguered Blackwater security company, announced Monday he has stepped aside as the company's chief executive officer.
Prince said he has appointed a new president and a new CEO. The management shake up, he said, was part of the company's "continued reorganization and self-improvement."
Prince founded Blackwater in 1997 and last month the company changed its name to Xe, pronounced "zee," in an effort to repair its severely tarnished name and reputation.
The company has had a contract to protect U.S. diplomats in Iraq, but the State Department announced it would not rehire Blackwater after its …
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