Feeds

Monster founder quits over options

Exercises option to keep schtum

Designing a Defense for Mobile Applications

Andrew McKelvey has resigned from the board of Monster.com because he refuses to cooperate with an investigation into dodgy stock options.

The recruitment site was recently drawn into an investigation by the Securities and Exchange Commission into backdating of share options.

Earlier this month McKelvey quit as chief executive because he said he was too tired to oversee the investigation. But now he has refused to be interviewed by the committee set up to investigate. He refused to say when he would be available to have a chat.

McKelvey founded Monster and has worked at the company for 39 years.

When he quit as chairman and CEO he said: "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." He also said it would be difficult to leave his daily responsibilities at the firm.

But after just three weeks in his new job as Chairman Emeritus, McKelvey instructed his lawyer to tell the three man executive committee he would not be available for interview.

The statement says: "Mr McKelvey's counsel advised the Special Committee of the Board reviewing stock option grants that Mr McKelvey had declined to be interviewed on the previously scheduled date and would not provide assurance that he would appear at a later date."

Read the press release here. ®

The smart choice: opportunity from uncertainty

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
US freemium mobile network eyes up Europe
FreedomPop touts 'free' calls, texts and data
prev story

Whitepapers

Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.