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Monster Exec Now Looking for a J-O-B
Posted by ueberbill
(11174 views)      [E-Mail link]
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 In a tasty bit of irony Andrew J. McKelvey, the Chief Executive and Chairman of Monster Worldwide, Inc., the parent company of the largest job search site in the world, has stepped down amid a probe of the company's past stock options practices. The probe concerns the practice of back-dating the stock options given to executives so that they have the greatest value. Although tremendously lucrative, it is also illegal. This is a problem that has bedeviled many companies and their executives, including United Health Group, CNET Networks, and McAfee. I'm guessing McKelvey will probably be using CareerBuilder.com to look for his next post. |
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McKelvey, through a lawyer, refused to be interviewed by a special committee of the board and also would not promise to meet with them at a later date. Monster has received a subpoena for the U.S. Attorney's office and, unfortunately for McKelvey, they really don't like it when you say you won't meet with them. According to a letter written by McKelvey's lawyer, "He did not understand that it was improper for the exercise price of stock to be different than the price on the grant dates, nor did he understand there were legal or accounting implications associated with that difference." The U.S. Attorney's office will be happy to explain it to him. |
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