TMP President, COO Jim Treacy Steps Down

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Monster's parent company loses its No. 2 executive, who wants a shot at being Chief Monster elsewhere.

Human-resources company TMP Worldwide , the parent of online jobs site Monster, announced the resignation of its president and COO, Jim Treacy, who is leaving to explore chief executive opportunities elsewhere.

Treacy's exit was nudged along by TMP's decision in June to extend the contract of chairman and CEO Andrew McKelvey until May 2005. McKelvey founded TMP and owns about 18 percent of its outstanding shares.

"I realized it was time for me to move on, and Andy supported my decision," Treacy said in a statement, noting that his own ambitions to lead a company were not possible at TMP.

The company said Treacy would remain with the company until a successor is found, which it expects will be done by the end of the year. He will also retain his seat on the company's board of directors.

The announcement of Treacy's departure coincided with TMP's second-quarter earnings report, which showed the company continuing to struggle in a sluggish economy that's put a damper of companies' hiring plans. While meeting analyst expectations, TMP said tough times would continue, cutting its forecasts for the third quarter and full year.

"We continue to be challenged by the 'jobless recovery' and its impact on our businesses," McKelvey said in a statement. The company reported that several units, including Monster, performed below expectations.

Treacy leaves after eight years at the company. TMP credited him with helping lead the acquisition of Monster in 1995. He was named president and COO in November 2001.

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