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CNET’s Bonnie resigns after probe into company’s option grants; Ashe to replace him

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New York—CNET Chairman-CEO Shelby Bonnie resigned on Wednesday after an internal probe found “deficiencies” in the company’s option grants. Neil Ashe was named to replace him. CNET’s general counsel and senior VP-human resources have also resigned.

In May, a CNET special committee was assigned to investigate the company’s option grants. It found “deficiencies with the process by which options were granted” from the company’s IPO in 1996 through at least 2003. “The deficiencies resulted in accounting errors, which CNET has previously announced will result in a restatement,” CNET added. The report does not conclude that any current employees—or those who have resigned—engaged in intentional wrongdoing.

Since joining CNET in 2002, Ashe has been responsible for the company’s content strategy and the development of new products.

Bonnie co-founded CNET in 1993.

—Matthew Schwartz

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