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Excite's CFO Steps Down

9/16/2001 8:00 PM Eastern

Redwood City, Calif.Excite@Home Corp. last week said its chief financial officer, Mark McEachen, resigned on Sept. 9 to pursue other interests.

McEachen is the sixth Excite@Home executive to resign this year. Others that have left the company include executive vice presidents Byron Smith, Mark O'Leary, John O'Farrell and Mark Stevens. Company chairman and CEO George Bell resigned in April and was replaced by former Telocity Inc. president Patti Hart.

Excite@Home said in a prepared statement that it is "actively seeking a replacement" for McEachen.

McEachen joined the company in July 2000 from Hughes Electronics Corp., where he served as vice president and treasurer.

McEachen's departure comes at a tough time for Excite@Home, which is scrambling to raise money to stay afloat. Analysts have speculated that Excite needs about $200 million to get it through the rest of the year.

Excite's troubles began in late August, when its auditors said there were serious doubts about its ability to continue as a going concern.

Later in August, a key holder of convertible debt — Promethean Investment Group LLC — demanded repayment of $50 million because it claimed Excite had misrepresented its financial health when it negotiated the deal back in June.

Promethean had demanded the $50 million by Aug. 31. But, Excite said Promethean has delayed that demand and the two companies are currently in negotiations.

September