Monster Worldwide CEO leaving company |
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Thu, 12 Apr 2007 16:30
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NEW YORK (AP) - Monster Worldwide Inc., operator of job site Monster.com, said Thursday that President and Chief Executive William M. Pastore is leaving the company, effective immediately.Pastore, 59, will be succeeded by Sal Iannuzzi, who has served as Monster's chairman since October.The company said Pastore's exit was by mutual agreement and that he will stay on through June to help with the transition process.Iannuzzi, 53, previously served as president and CEO of Symbol Technologies. Symbol was acquired by Motorola Inc. in January.Pastore became Monster's CEO in October after serving as chief operating officer since 2002.In December, Monster filed restated financial statements to include charges related to an investigation into its stock-option granting. The company found it overstated its profit by $271.9 million between 1997 and 2005.The company said it will record a second-quarter charge related to Pastore's employment agreement.Shares of Monster Worldwide fell 20 cents to $40.12 in morning trading on the Nasdaq Stock Market.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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