Original URL: http://www.theregister.co.uk/2006/10/31/monster_loses_head/

Monster founder quits over options

Exercises option to keep schtum

By John Oates

Posted in Financial News, 31st October 2006 10:40 GMT

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. ®