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@example.com; he does not own securities in the companies he covers.