In a proxy filing to the US Securities and Exchange Commission, CMGI said the pay cut was "in recognition of the company's current state of unprofitability".
Wetherell did not receive a bonus for the 2001 financial year and has decided not to accept one for 2002, according to the document. CMGI, however, will make him eligible for a cash bonus based on the company's financial performance.
CMGI companies include portal and search engine site AltaVista, interactive marketing firm Engage and Internet professional services vendor Tallan. CMGI reported a net loss of $5.45bn (£3.8bn) last year.