Monster CEO quits after six months

April 12, 2007 at 10:53 AM
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NEW YORK, April 12 (UPI) -- U.S. online recruitment firm Monster Worldwide Inc. said Thursday its CEO of six months would leave the company "by mutual agreement with the board."

William Pastore, 59, a former chief operating officer who joined Monster in 2002, was immediately replaced by board member and executive committee Chairman Sal Iannuzzi, 53, Monster said.

Pastore, who took the helm in October, will leave Monster in June "to facilitate an orderly transition," the company said. It did not give a reason for Pastore's departure.

Pastore was made CEO after founding CEO Andrew McKelvey left in October amid a stock-options backdating scandal. McKelvey refused to be interviewed by lawyers conducting an internal investigation into backdating.

The refusal followed an internal interview in July in which McKelvey said he had no knowledge of any options backdating at Monster. Lawyers at Akin Gump Strauss Hauer Feld LLP conducting the internal probe found evidence contradicting his assertion.

McKelvey's lawyer later sought to clarify McKelvey's remarks, saying he had not expressed his thoughts as accurately as he would have liked and had misunderstood the questions.

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