SQLAgentCmdExec (NT4/SQL Server 7)

We have the following error messages in the SQLAgent Error every time we
startup SQLAgent :

[000] Password verification of the ‘SQLAgentCmdExec’ proxy account failed
(reason: Logon failure: the user has not been granted the requested logon
type at this computer).

SQL Agent appears to work fine. We have already reset the ‘SQLAgentCmdExec’
account using Enterprise Manager. It still doesn’t make any difference.

Can you help to shed to light ? Is is a critical problem as it does not
appear to affect the operation of SQLAgent at all as far as we can tell.