Excite@Home CFO resigns
Troubled high-speed internet access company Excite@Home has been dealt another blow following the resignation of chief financial officer Mark McEachen on Sunday.
In a statement, Excite said it was ‘actively seek a replacement for McEachen’ who, it said had left the company to ‘pursue other opportunities’.
Last month, the debt-laden internet company sacked its auditors, Ernst & Young, after the firm expressed doubts over the dotcom’s ability to continue as a going concern.
The Big Five firm said Excite’s recurring losses, need for additional funding and potential Nasdaq delisting were threatening the business’ survival.
Excite said it had no disagreements with the firm on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
The company has since switched auditor to PricewaterhouseCoopers, according to a Form 8K filed with the Securities and Exchange Commission.
Excite has been hit by falling revenues following the downturn in the online advertising market.
At the close of trading yesterday, Excite shares were 4 cents up at 39 cents on the Nasdaq.
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