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CMGI CEO's offer to resign rebuffed by board

Published on .

Boston--The head of b-to-b Internet holding company CMGI Inc. told shareholders this week that the CMGI's board rejected an offer he made to step aside if directors wanted a new leader. Speaking to shareholders at CMGI's annual meeting, Chairman-CEO David Wetherell said he's trying to address the company's woes and is now actively searching for a chief operating officer. CMGI shares have plunged from a 52-week high of $163.50 to a low of $5.53 yesterday on the Nasdaq. One shareholder questioned the wisdom of CMGI spending $114 million to acquire the naming rights to a new stadium for the NFL's New England Patriots.
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