Monster CEO Says He’s Open to Selling All or Part of Company
Monster Worldwide Inc. (MWW) Chief Executive Officer Sal Iannuzzi said he’s open to selling the company whole or in parts and that potential buyers include private-equity firms, technology companies and large investors.
“We’re agnostic as to what type of acquirer it is,” Iannuzzi said today in an interview. “The real issue is we know we have value, and we know we can go around and look for opportunities to get that.”
The online job-recruiting company was showcasing its site’s features today in New York, following an announcement on March 1 that Monster is exploring “strategic alternatives.” The company has been investing in search technology and emerging markets, trying to rebound from the loss of market share to LinkedIn Corp. (LNKD) and other sites.
Monster shares climbed 2 percent to $9.49 at 4 p.m. in New York. The stock has jumped more than 30 percent since the company first discussed strategic options, following a decline of 66 percent in 2011.
Iannuzzi said finding an acquirer will help him give investors value as they often ask him to explain why the stock has declined.
“The way this particular investor said it was, ‘You’re a terrific date, but you’re hard to love,’” Iannuzzi said. “They’re saying we like the story, we like the ideas, but the volatility of the stock makes it a very difficult stock to hold.”
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