Internet network Terra Lycos, as part of its fourth-quarter earnings announcement, said its CEO, Bob Davis, resigned from that position as part of a top-level management restructuring. Mr. Davis will, however, serve as a consultant and non-executive vice chairman of the board of Terra Lycos. No one was named to succeed Mr. Davis, although Chairman Joaquim Agut will assume his responsibilities. Ted Philip, currently chief financial officer, was named senior VP-strategic planning and M&A. Elias Rodriguez-Vina will succeed Mr. Philip as chief financial officer, from business development director for GE Capital Europe for Spain and Portugal and director of mergers and acquisitions for UBS.
Terra Lycos reported a fourth-quarter loss of 17 cents a share on sales of $164 million. A survey of First Call/Thomson Financial analysts projected a loss of 22 cents a share on sales of $151 million; moving forward, the company is expected to lose 14 cents a share on sales of $177 million, First Call said. For the year, Terra Lycos reported a loss of $348 million, or 67 cents a share, excluding charges on sales of $398 million.
Copyright February 2001, Crain Communications Inc.