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Recently, the founder of Monster Worldwide (NASDAQ:MNST), Andrew McKelvey, resigned from the board. He said he would not agree to an interview with the company's lawyers regarding the stock options backdating scandal. Until a month ago, he was the company's CEO and Chairman.
So what can companies do in this type of situation? I had a chance to interview Brad Sugars, who is a business coach and author of The Business Coach.
Things have been embarrassing for Monster. What could the company do to improve things?
From what I have read, apparently McKelvey did not know backdating was illegal. The job of any CEO is to be across everything. This also means they are ultimately accountable for all areas of the business. In a publicly listed company like Monster Worldwide Inc., this is even more important because not only do you have to answer to the board, but also to stockholders as well.
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