David Wetherell, the chairman of internet holding company CMGI, will voluntarily cut his salary to $1 next year.
"In recognition of CMGI's current state of unprofitability, Wetherell has agreed to decrease his base salary for fiscal 2002 to $1, from $530,000 in 2001," CMGI disclosed in a proxy filing with the US Securities and Exchange Commission.
The company lost $5.45bn last year.
CMGI, which invests in and develops technology companies such as internet search engine AltaVista and hosting provider NaviSite, saw its stock soar to $163 in January 2000 during the dotcom explosion, but bottomed out at 64 cents last month.
Wetherell, who owns about 10 per cent of CMGI stock, is the company's largest individual shareholder with 38.1 million shares. In fiscal 2001, he received a base salary of $530,000 and other compensation valued at $310,490 and no bonus.
That's down from fiscal 2000 when he received a base salary of $530,000, a bonus of $481,400 and other compensation valued at $1.08m, according to the filing.
While Wetherell also has been granted a wide array of stock options in the various companies controlled or owned by CMGI, the SEC filing does not put a value on the options.
CMGI has said it expects fiscal 2002 revenue to fall 10 per cent from 2001.
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