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Monster CEO Andrew McKelvey resigns

Monster Worldwide Inc founder Andrew McKelvey resigned on Monday as chairman and chief executive, saying he could “no longer dedicate the number of hours required” for the company's review of its stock options grants.

DNA Web Team

Updated : Sep 14, 2017, 03:52 PM IST

CHICAGO: Monster Worldwide Inc founder Andrew McKelvey resigned on Monday as chairman and chief executive, saying he could “no longer dedicate the number of hours required” for the company's review of its stock options grants.

The parent of monster.com, the web site for job seekers, said President and Chief Operating Officer William Pastore, 58, was promoted to CEO and named to the board, effective immediately.

Investors were encouraged by the news, sending shares up as much as 2 percent.

Monster earns revenue from the placement of job postings on its web sites, access to its resume databases and other career-related services.

It also earns fees from advertising.

Citigroup analyst Mark Mahaney pointed to Pastore's tenure with the company and operational background, including his role in helping Monster's European business become profitable.

Mahaney added in a research note that Monster also may have a more disciplined acquisition strategy under Pastore, and the change may help put the options review behind the company.

Paul Foster, options strategist at Web financial-information site flyonthewall.com in Chicago agreed: “This brings positive perceptions resulting in new long-term investors having buying interest in the stock.”

McKelvey, 71, the company's largest individual shareholder, was elected chairman emeritus and will remain on the board.

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