CMGI Bolster’s Management

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By Douglas A. McIntyre Published
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CMGI (CMGI-NASDAQ) has named a new CFO after the position has been essentially vacant.  What is important about this addition is that it isn’t just "filling the position."  It looks like a great hire for the company.

CMGI hired away the Interactive Data Corp’s (IDC-NYSE) Steven Crane, president of the Pricing & Reference Data business.  He is also the former CFO of Interactive Data.  If you have followed Interactive Data, you will know that Mr. Crane got to oversee and help on the financial integration of acquisitions and transitions.  He will be responsible for the ModusLink financial management oversight as well.

The stock of CMGI has been in an ongoing turnaround and is one of the more talked about names out there, even if it is more than 10% off of its recent highs.  What is very smart about this hire of Crane is that he is actually a known commodity on Wall Street because IDC supplies financial market data (quotes, news, research, analytics) to investment firms and market professionals.  What is the best way to continue getting Wall Street support?  Bring in someone that is friendly to Wall Street, of course.

CMGI is down about 1% at $2.17 after today’s open, but this addition is a win for the company.

Jon C. Ogg
April 5, 2007

Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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