ExciteAtHome CFO Departs

Sep 10 2001

ExciteAtHome, the ailing and debt-laden Internet portal and high-speed access service, said Monday that executive VP and CFO Mark McEachen resigned to pursue other opportunities.

McEachen's resignation comes just two weeks after two note-holders demanded that Excite return $50 million for allegedly breaching the purchase agreement for the notes.

The news is the latest blow to Redwood City, Calif.-based Excite. The company revealed in mid-August that it had fired its auditor, Ernst & Young, a day after the auditor expressed doubt about the company's ability to continue as a "going concern." Excite, which hired PriceWaterhouseCoopers to replace Ernst & Young, said the switch in accounting firms had been planned for some time and was not related to the going-concern warning.

Excite said in a statement that it was actively seeking a replacement for McEachen.

Shares of ExciteAtHome closed up 4 cents at 39 cents on Nasdaq prior to the news.