Excite@Home to Cut 13% of Staff
Internet service provider Excite@Home (ATHM) disclosed plans to eliminate 380 workers, or about 13% of its staff, as the cooling economy continues to trouble companies both great and small.
A spokeswoman said the company will cut jobs across every division, with the media segment being the hardest hit. The workers who are losing their jobs will be notified today and tomorrow.
Last week, Excite@Home Chairman and CEO George Bell said he was resigning both posts, effective immediately, after months of saying he would exit the CEO position but hang around as chairman. Bell was replaced by Patti Hart, formerly the chairman and CEO of high-speed telecommunications provider Telocity.The spokeswoman also said the company was continuting to evaluate options for its media business. Shares of Excite@Home lost 21 cents, or 5.3%, to $3.78 in recent Nasdaq trading.
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