Blackwater founder cutting ties with company(Erik Prince)

Source: San Francisco Chronicle/AP

The man who built Blackwater USA into one of the world's most respected and reviled defense contractors will no longer be involved in the company's operations.

A spokeswoman for the company, now called Xe (zee), said Wednesday that Erik Prince will relinquish involvement in its day-to-day operations and give up some of his ownership rights. Prince had appointed a new president and chief operating officer in a management shake-up earlier this year.

Spokeswoman Stacy DeLuke says Prince felt he was "constantly being thrown under the bus" after serving the country for years. Prince's company did years of work for the government but has been dogged by a series of federal investigations into its work.

Vanity Fair magazine was first to report Prince's feelings about his treatment.
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