Monster CEO and founder McKelvey quits

CHICAGO (Reuters) — Monster Worldwide (MNST) founder Andrew McKelvey resigned Monday as chairman and chief executive, saying he could "no longer dedicate the number of hours required" to the company's review of its stock options grants.

The parent of job website Monster.com said President and Chief Operating Officer William Pastore, 58, was promoted to CEO and named to the board, effective immediately.

McKelvey, 71, was elected chairman emeritus and will remain on the board. He is the company's largest individual shareholder.

In July, Monster said it might restate financial results for the year ended Dec. 31, 2005 and prior years to record additional non-cash charges for stock-based compensation related to stock option grants.