Well isn’t this peachy…
Monster Worldwide’s stock has been up and down throughout this year.
First, they’re being investigated due to the stock option grant review. (Backdating stock options)
Then, as of September 1, they recently sold off their last TMP Worldwide holdings for a loss.
On Oct. 9th, Andrew J. McKelvey, the founder of TMP Worldwide (not Monster, as has been reported) resigns as CEO and President because he McKelvey said “he can’t dedicate the number of hours required by the ‘additional demands of time associated with the ongoing historical stock option grant review.'” (find quote here)
Then it has been reported that McKelvey has resigned from the Monster’s Board “after refusing to be interviewed for the company’s internal stock option investigation.”
Well, isn’t that just peachy. Due to the investigation, I couldn’t sell off any of my Monster stock, so I’m stuck with a 401k that is 37% Monster stock! Won’t that be great when I want to retire?
I was mad when I found out Monster had sold off the division for whom I worked, but now, I’m glad I’m not a Monster employee! I just wish I hadn’t put so many eggs in the Monster Worldwide basket!