David Wetherell is taking the big pay cut "in recognition of the company's current state of unprofitability," according to an SEC filing.
The cut is "in recognition of the company's current state of unprofitability," according to a document filed with the Securities and Exchange Commission.
Wetherell, who owns about 10 percent of CMGI stock, has also elected to forgo participation in the company's bonus plan, according to the filing. However, the board of directors has decided to make him eligible for a cash bonus based on the company's financial performance in fiscal 2002.
CMGI, which invests in and develops technology companies, saw its stock zoom during the dot-com heyday, hitting $163 in January 2000. But it has been on a long slide since then, bottoming out at 64 cents last month. It closed Thursday at $2.43.
The company posted a net loss of $5.4 billion for fiscal 2001.
Wetherell also received compensation in 2001 worth $220,547 related to aircraft expenses, $72,247 in professional service fees and a leased car worth $17,696.
He was also granted a wide array of stock options in the various companies owned or controlled by CMGI. The filing does not put a dollar value on the options.