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Business News Digest



Published: Thu, October 12, 2006 @ 12:00 a.m.



NATION

Visa to sell shares in IPO

NEW YORK -- Following the lead of MasterCard Inc., competitor Visa announced Wednesday that it plans to restructure its organization to create a new company and then sell shares in an initial public offering. Since its IPO, the shares of No. 2 card issuer MasterCard have soared to 70 from an opening day price of 46 in May.

McAfee, CNet CEOs leave

SAN FRANCISCO -- The chief executives of McAfee Inc. and CNet Networks Inc. stepped aside Wednesday to atone for stock-option chicanery that occurred on their watch, expanding the list of business leaders swept up in a messy scandal that is erasing profits and spurring government investigations. McAfee, a leading maker of anti-virus software, parted ways with George Samenuk, who retired as its chairman and CEO after nearly six years on the job. The Santa Clara-based company also fired its president, Kevin Weiss. CNet, which runs a stable of technology news and entertainment Web sites, accepted the resignation of co-founder Shelby Bonnie, who has been running the San Francisco-based company for the past six years.

Associated Press




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