CEO of Unit Engage Resigns

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NEW YORK ( -- Struggling incubator CMGI reported fiscal fourth-quarter results a day after subsidiary Engage announced the resignation of its CEO.

CMGI's net loss was $1.276 billion, or $3.69 per share for the fourth quarter, compared with a net loss of $963.3 million, or $2.80 loss per share, for the previous quarter ended April 30, and a net loss of $633.7 million, or $2.17 per share, for the same period last year.

Engage also reported a fiscal fourth-quarter net loss of $331 million, or $1.68 per share, compared with a net loss during the same quarter last year of $112.3 million, or 64 cents a share.

Meanwhile, Engage CEO Anthony Nuzzo resigned from his post. Christopher Cuddy has been named the company's interim president-CEO as well as its director. He most recently was vice president of corporate development at parent company CMGI, Andover, Mass.

In addition, CMGI reported it has ceased funding the operations of NaviPath, its provider of Internet access solutions, and it has sold Activate, its Webcasting services firm, to Loudeye Technologies.

Earlier this month, Engage sold certain online advertising assets to BlueStreak, a marketing technology company.

Engage also announced it will cease the remainder of its media operations as it completes its effort to focus on software products for multichannel marketing.

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