By: Jennifer Saba
Andrew McKelvey, 71, founder, chairman, and CEO of Monster Worldwide, stepped down today. He will remain on the company?s board of directors as chairman emeritus.
William Pastore, 58, will become CEO and a board member. Pastore previously was Monster’s president and COO.
?It is certainly not easy to leave my daily responsibilities at the company I have worked for during the past 39 years,? said McKelvey in a statement. ?At this stage in my life, I simply can no longer dedicate the number of hours required by Monster?s rapid global growth and the additional demands of time associated with the ongoing historical stock option grant review.”
The company also said it has appointed an executive committee of independent board members to deal with corporate governance issues.
McKelvey remains the company?s largest individual shareholder.
In a note released this morning by Prudential Equity Research, analyst Steven Barlow wrote: ?Mr. Pastore has shown an excellent track record and has been instrumental in managing the teams who have put in the hard work at growing Monster overseas and keeping at bay U.S. competition. Mr. Pastore joined Monster in 2002 and is untainted if there is any funny business related to options.?
Prudential maintains its “overweight” rating.
Monster Worldwide is the parent company of the Monster.com, an online recruitment site.