Brief: CEO of CMGI to work for $1

David Wetherell, the chairman and CEO of troubled Internet investing firm CMGI, has agreed to cut his base salary to $1 for fiscal 2002 from $530,000, according to a U.S. Securities and Exchange Commission (SEC) filing 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, Mass.-based CMGI couldn't be reached for comment.

CMGI, which operates portal and search engine AltaVista Co., interactive marketing firm Engage Inc., Internet professional services vendor Tallan Inc. and other Internet companies, reported a net loss of $5.45 billion last year.

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