New CEO Again at Monster - TheStreet

New CEO Again at Monster

Bill Pastore departs by mutual agreement after six months.
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Monster Worldwide (MNST) - Get Report changed its CEO for the second time in six months amid a stock option-related accounting scandal.

The New York-based online jobs company named former Symbol chief Sal Iannuzzi CEO, replacing William Pastore, who is leaving by mutual agreement.

Pastore had taken over as CEO in October, when longtime chief Andrew McKelvey stepped aside, citing the hefty time commitment being demanded by a board-run investigation of Monster's stock option grant practices. McKelvey initially said he'd stay on as chairman but then quit that post too three weeks later after declining to meet with the board panel seeking further information on options.

"On behalf of the Board of Directors, I want to thank Bill Pastore for leading the company during a difficult transitional period," said Iannuzzi. "Under his direction, Monster Worldwide completed the financial restatement related to historical stock option issues and returned to compliance with SEC and Nasdaq listing requirements. We appreciate Bill's contributions and wish him the very best for the future."

Monster said it will record a charge in the second quarter related to Pastore's employment agreement.