In a brief statement, the company said it was terminating Myron Olesnyckyj as its senior vice president, general counsel and secretary “for cause.” Olesnyckyj was suspended September 19, 2006.
“The Board’s action was taken with the concurrence of the Special Committee of independent directors reviewing the company’s historical stock option grant practices,” the Monster statement said.
In July, Monster announced the company may need to restate its financial statements for the year ended December 31, 2005 and prior years to record additional non-cash charges for stock based compensation expense relating to various stock option grants (See Monster, Apollo Group Join Companies Investigating Stock Options ).
A recent study by Glass Lewis & Co. found the options backdating scandal has resulted in the resignation or dismissal of at least 45 executives and directors at 25 companies (See Scorecard: 153 Firms Snared in Options Scandal ). Among those affected both before and after the study were:
- Brocade CEO Gregory Reyes and Human Resources Vice President Stephanie Jensen (See Brocade Execs Among First to be Charged in Stock Option Probe ),
- Mercury Interactive Corp.’s chief executive officer, chief financial officer and general counsel (SeeMercury Makes $35M Settlement Offer for Options Backdating Fraud ),
- CNET chairman and CEO, Shelby Bonnie, as well as its general counsel and head of human resources (See CNET Executives Resign Due to Options Probe ),
- McAfee, Inc. President Kevin Weiss and Chairman and CEO George Samenuk (See McAfee Hit with Options Scandal Upheaval ),
- Comverse Technology CEO Jacob (Kobi) Alexander, chief financial officer David Kreinberg, and general counsel William Sorin (See Ex-Comverse CFO Pleads Guilty in Options Backdating Case ),
- UnitedHealth Chairman and CEO William McGuire, compensation committee member William Spears, and general counsel David Lubben (See UnitedHealth’s McGuire To Depart over Stock Options Scandal ),
- KB Home Chairman and CEO Bruce Karatz, head of Human Resources Gary Ray, and Chief Legal Officer Richard Hirst (See KB Home CEO Retires Following Stock Options Investigation ),
- HCC Insurance Holdings, Inc. CEO Stephen Way and general counsel Chris Martin (See Founder of Houston Insurance Firm Steps Down over Stock Option Woes ).