Terra Lycos chief quits

Terra's team is set to lose Abel Linares

One of the world's largest internet firms, Terra Lycos, has lost another senior manager.

The resignation of Abel Linares, chief executive of Terra Networks, is just the latest high-level resignation since the Spanish internet company merged with the US portal Lycos last October.

Bob Davis, the founder of Lycos, gave up his post as chief executive of Terra Lycos on 1 February.

Mr Davis has since taken a new role as non-executive vice chairman of the board. Joaquim Agut remains as executive president of the new company.

Mr Linares had been due to adopt a new position as vice president of special projects in the new company.

When he resigned, however, his official title remained chief executive of Terra Networks.

Shares drop 4% on news

Shares in Terra Lycos fell more than 4% after the news, but recovered slightly to 14.25 euros, a fall of 2.5%, by 0850 GMT.

The chief financial officer of Terra Lycos, Ted Philip, also left his post along with Mr Davis.

He too has stayed on at the company as senior vice president of strategic planning and M&A.

Elias Rodriguez-Vina replaced Mr Philip as chief financial officer.

Shortly after Mr Davis and Mr Philip stepped down, the president of US operations, Ron Sege, left the company.

Terra Lycos hosts internet networks in the United States, Canada, Europe, Asia and Latin America, and is the third largest internet access provider in the world.