TMP Shares Fall 30 Percent
Aug. 07, 2002
%mlink(STRY:; PHOTO:; AUDIO:%)
NEW YORK (AP) _ Shares of TMP Worldwide, the owner of top job search Web site Monster, plunged 30 percent Wednesday, a day after the company announced its second-in-command will resign.
James J. Treacy, TMP's president and chief operating officer, will stay with TMP until a successor is found but will retain his seat on the company's board after he leaves.
Treacy's resignation was announced Tuesday after the stock markets closed.
TMP shares were down $3.89 to $8.89 by midday Wednesday on the Nasdaq Stock Market.
The company delivered the news as it reported a $504.1 million second-quarter loss. The loss, which equates to $4.53 per share, compares with a profit of $19.8 million, or 17 cents per share in the year-ago quarter.
Treacy said he was leaving the company because he wants the top job at a major global company, and TMP's board recently renewed the contract of chief executive Andrew J. McKelvey through May of 2005.
TMP also announced that it is cutting 1,000 jobs and closing 102 offices.
The New York-based company had 11,000 workers at the end of 2001. The Monster division, formerly called Monster.com, is headquartered in Maynard, Mass. TMP also is a leading executive search service firm and one of the world's largest Yellow Pages advertising agencies.
On the Net: