TimesLeader.com

November 28, 2008
Monster.com founder McKelvey dead at 74

The Associated Press

NEW YORK — Andrew McKelvey, the billionaire founder and former chief executive of Monster Worldwide Inc., died early Thanksgiving morning in New York after a long battle with pancreatic cancer, his family said. He was 74.

In 1967, McKelvey founded a yellow pages advertising business called Telephone Marketing Program. Later known as TMP Worldwide, the company acquired The Monster Board and Online Career Center in 1995 and four years later the jobs recruitment Web site Monster.com was launched to great success.

In 2003, TMP Worldwide became Monster Worldwide. The New York-based company reported 2007 revenue of $1.35 billion, employing 5,200 people across 36 countries.

McKelvey left the company in 2006 amid questions about his role in backdating employee stock options. In January of this year, McKelvey agreed to relinquish much of his voting stake in Monster and reached a monetary settlement with the company, federal prosecutors and the Securities and Exchange Commission.

McKelvey was also a philanthropist. The McKelvey Foundation has supported over 600 students to attend colleges across the country. Since 2001, he had donated $25 million to the Andrew J. McKelvey Lung Transplantation Center at Emory University in Atlanta.

He has given $3 million to the Andrew J. McKelvey Lower School at the Hewitt School in New York, and provided funding for Big Brothers Big Sisters of America and for the Andrew J. McKelvey Campus Center at Westminster College in New Wilmington, Pa.

A graduate of Westminster College, McKelvey is survived by his children, Geoffrey, Stuart, Christine, Amanda.