ExciteAtHome’s chief financial officer has resigned, adding to the long string of bad news coming from the troubled provider of high-speed Internet access. CFO Mark McEachen left to pursue other opportunities, the company said.
Launched in 1999, from the $6.7 billion merger of At Home Corp., ExciteAtHome has 3.7 million cable-modem subscribers. But the network was costly to roll out, and the portal business has suffered severely from the dot-com bust and the plunge in Web advertising.
The company has said it needs more financing to survive in 2002, and its auditors recently expressed doubt that could happen, pointing to its $1 billion debt. A creditor that organized emergency funding for the company in June recently demanded a $50 million payment, though it is relenting for now, according to news reports.
AT&T Corp. owns 23% of ExciteAtHome stock and has a 74% voting stake.
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