Terra Networks' chief operating officer Abel Linares has stepped down from his post and Stephan J. Killeen has been hired as U.S. president. Linares' departure comes only three weeks after chief executive officer, Bob Davis, stepped down over disputes with global president Joaquim Agut on who would control Terra after the US$6.5 billion merger with Lycos was completed. Linares' quitting was not a surprise. He was supposed to become head of special projects, which he viewed as a demotion. Subsequently, shares of Terra Networks dropped 7% on Thursday, February 22, 2001 to 13.56 euros (US$12.26). Killeen will be in charge of operating and expanding Terra Lycos in the States. Prior to his new post, Killeen was the president and CEO of Raging Bull, an online investment site that Lycos acquired in late January from Alta Vista.
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