Wetherell to Work for $1 for CMGI
BOSTON (AP) _ David S. Wetherell, the chairman and chief executive of embattled Internet holding company CMGI Inc., will cut his salary to $1 in the current fiscal year, the company said in a Securities and Exchange Commission filing.
The voluntary cut is a response to the company’s ``current state of unprofitability,″ according to the company’s proxy statement filed Thursday.
CMGI, which runs such Internet firms as AltaVista Co., lost $5.45 billion last year.
``This was completely David’s decision,″ Virginia G. Bonker, a CMGI board member who serve on the committee which determines executive compensation, told The Boston Globe.
Wetherell received no bonus or new stock options for the 2001 fiscal year that ended in July, though he was paid $530,000. A company spokesman said Friday that Wetherell will forego the bonus again in fiscal 2002.
Shares of Andover-based CMGI rose 16 cents to close at $2.62 on the Nasdaq Stock Market Friday, well off the high of $163.50 CMGI reached last year.
On the Net: http://www.cmgi.com