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The exodus at

Terra Lycos

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continues. The newly merged Spanish Internet group today announced the departure of Abel Linares, the chief executive of Terra Networks, according to a published report.

Reuters

reported Thursday that Terra Networks, which merged with U.S. Internet company Lycos in October, said in a note to market regulators that Linares had decided to leave the

Telefonica

group, which includes Terra Lycos.

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Shares of the company recently lost 50 cents, or 3.8%, to $12.69 in pre-open

Instinet

trading, off Wednesday's close of $13.19 on the

Nasdaq

.

The Madrid-based company has been rocked by a slew of

management changes, starting with Bob Davis, founder of Lycos, who stepped down Feb. 1 as the head of Terra Lycos. Chief Financial Officer Ted Philip also left his post along with Davis. Both men remained in the company in different roles. A day later, the president of U.S. operations, Ron Sege,

resigned .