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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (1962)	10/4/2001 9:41:42 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

CMGI Europe president to quit mid-October 10/3/2001 7:44:00 AM LONDON, Oct 3 (Reuters) - The president of CMGI Europe (CMGI) , Marcus Bicknell, said on Wednesday he would leave by mid October, the latest of a string of executives to quit the beleaguered U.S. firm which owns Internet search engine Altavista. CMGI recently lost its long-time chief financial officer, and its majority-owned online marketing company Engage Inc. (ENGA) lost its chief executive. Bicknell, who will be replaced by managing director Lorraine Eaves, said he wanted to develop his own business. "I will be preparing my next initiatives, most likely in the use of television satellites for intelligent broadband Internet access," he told Reuters in a telephone interview. He said he had spent four years with CMGI, which for him was a long time. CMGI results were "average" and the company had "downscaled", he said. CMGI Europe's offices have been relocated to central London from Maidenhead outside London after the company cut its work force to around a dozen from several dozen last year, Bicknell said. CMGI said in September it posted a net loss in its fiscal fourth quarter of nearly $1.3 billion, partly because it marked down the value of investments such as Pacific Century CyberWorks Ltd (0008) . It said revenues for the current year, fiscal 2002, would fall 10 percent below 2001 levels. Fourth-quarter revenues fell 32 percent to $255.5 million as advertising spending on the Internet slowed down. Shares in CMGI, which has been part-owned by U.S. computer company Compaq (CPQ) since it sold Altavista to CMGI, closed at 92 cents on Tuesday, 99.4 percent below its peak of $163.50 on January 3, 2000. REUTERS Rtr 07:44 10-03-01 Selector Code: reuco Copyright 2001, Reuters News Service www2.marketwatch.com;