CMGI chief executive to work for $1

David Wetherell, the chairman and chief executive of troubled Internet investing firm CMGI, has agreed to cut his base salary...

David Wetherell, the chairman and chief executive of troubled Internet investing firm CMGI, has agreed to cut his base salary from $530,000 to $1 for the company's 2002 financial year.

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.

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