CEO cuts pay from $US530,000 to $US1

David Wetherell, the chairman and CEO of troubled internet investing firm CMGI, has agreed to cut his base salary to $US1 for fiscal 2002 from $US530,000, according to a US Securities and Exchange Commission (SEC) filing last Friday.

          David Wetherell, the chairman and CEO of troubled internet investing firm CMGI, has agreed to cut his base salary to $US1 for fiscal 2002 from $US530,000, according to a US Securities and Exchange Commission (SEC) filing last Friday.

          In the proxy filing, CMGI said the pay cut was "in recognition of the company's current state of unprofitability." Wetherell didn't receive a bonus for fiscal 2001, according to the document. Although he has decided not to accept a bonus for fiscal 2002, as well, CMGI has decided to make him eligible for a cash bonus based on the financial performance of the company.

          Andover, Masschusetts-based CMGI couldn't be reached for comment.

          CMGI, which operates portal and search engine AltaVista, interactive marketing firm Engage, internet professional services vendor Tallan, and other internet companies, reported a net loss of $US5.45 billion last year.

Join the newsletter!

Error: Please check your email address.

More about CMGIEngageSECSecurities and Exchange CommissionTallan

Show Comments

Market Place

[]