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Troubled Internet professional services company MarchFirst said on March 5 that it had hired Michael E. Salvati as its new chief financial officer. Salvati joins the Chicago-based company from Oak Ridge Consulting, where he provided such services as financial restructuring and operational assessment, both issues that are expected to be crucial to MarchFirst's long-term survival.

Mr. Salvati is replacing Peter Murphy, who the company said left to "pursue other interests." MarchFirst, which has had a string of disappointing quarters and gone through layoffs, received a $150 million cash infusion from Francisco Partners in December in exchange for shares of preferred stock. The investment came after MarchFirst had stated that it would need $50 million to get through the rest of 2000, and an additional $50 million to make it through early 2001.

Copyright March 2001, Crain Communications Inc.

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