The New York Times reported yesterday that the Atlantic Foundation -- which it described as a secretive Bermuda-based philanthropic endowment worth an estimated $4.8 billion -- is to alter its senior management structure for the first time since it was established in 1984.

The newspaper reported Harvey P. Dale, a New York University law professor, will step down as president of the endowment and chairman of its operating arm.

The newspaper said Joel L. Fleishman, president of Atlantic Philanthropic Services, is taking a sabbatical, but may return later in some new position.

And it added the endowment was created in 1984 through the donation by Charles F. Feeney of $600 million -- almost his entire personal fortune. It said Mr.

Feeney, a founder of the Duty Free Shoppers Group, was able to keep his donation secret until 1997.

TYCO IN FIBRE OPTIC AGREEMENT BUC Tyco in fibre optic agreement Bezeq Israel Telecom said yesterday its Bezeq International unit has signed an agreement in principle with Bermuda-based TyCom Ltd to lay a fibre optic network under the eastern Mediterranean.

The joint venture would operate, own and sell bandwidth capacity on the subsea fibre optic system linking into the TyCom Global Network. TyCom, a subsidiary of US engineering firm Tyco International, would be the majority owner of the venture, valued at about $400 million, with Bezeq holding a 20 percent stake -- worth $80 million -- and an option to increase it to 33 percent, Bezeq said in a statement.

Scheduled for service in mid-2002, the system will interconnect Italy, Greece, Cyprus, Turkey, Israel and potentially other Eastern Mediterranean countries to the TGN.

TGN is expected to go into service in July between the United States and Great Britain and soon thereafter will connect to Italy, where TGN will link to the eastern Mediterranean system.

"Together, the TGN and the eastern Mediterranean system are expected to be the world's first privately owned, seamless undersea route from New York to Tel Aviv,'' the statement said. Bezeq International will be an anchor customer on the system and will have responsibility to provide, operate and maintain the eastern Mediterranean system infrastructure in Israel.