Andrew McKelvey

Andrew McKelvey
Andrew McKelvey
Born	Template:Birth date; New York City, U.S.
Died	November 27, 2008 (aged 74); New York City, U.S.
Occupation(s)	Entrepreneur, philanthropist
Known for	Chairman and CEO of Monster Worldwide; founder of TMP Worldwide; philanthropy through the McKelvey Foundation

Andrew McKelvey (October 13, 1934 – November 27, 2008) was a prominent American entrepreneur who served as chairman and CEO of Monster Worldwide. He was recognized as a billionaire and notable philanthropist through his work with the McKelvey Foundation.

Personal life

Born in New York City to Dr. Augustus McKelvey and Elizabeth (née Gates) McKelvey, he completed his education at Westminster College in Pennsylvania, where the campus center bears his name as a tribute.

Career

Following his graduation, McKelvey managed a movie theater and fulfilled military service in the United States Army. In the mid-1950s, he relocated to Australia, where he established a jukebox enterprise that grew to become one of the nation’s largest.

Upon returning to the United States in the early 1960s, he joined advertising agencies on Madison Avenue, promoting products including Vaseline Hair Tonic. His work with a client advertising in the Yellow Pages sparked his interest in directory-based advertising.

In 1967, he created Telephone Marketing Programs (TMP), an agency focused on Yellow Pages advertisements, which expanded significantly through acquisitions. During the 1990s, TMP diversified into employment agencies, introducing McKelvey to digital commerce. While negotiating the acquisition of Adion, led by Jeff Taylor, he encountered its website, the Monster Board. After purchasing Adion in 1995, McKelvey adopted its online approach and later acquired competitors Online Career Center and FlipDog.com to enhance Monster.com’s market presence.

TMP Worldwide was eventually renamed Monster Worldwide. By 2007, the company had over 5,000 employees operating in 36 countries and generated revenues totaling $1.35 billion.

Philanthropy and Boards

A dedicated philanthropist, McKelvey contributed $25 million to establish the Andrew J. McKelvey Lung Transplant Center at Emory University, supporting research led by Dr. E. Clinton Lawrence. He played a key role in creating the Families of Freedom fund following the September 11 attacks, which raised more than $100 million to provide college scholarships for children of victims. In 2000, he founded the McKelvey Foundation to offer scholarships aimed at high school students pursuing entrepreneurship. Additionally, he donated $3 million to found the Andrew J. McKelvey Lower School at New York City's Hewitt School.

McKelvey also held a board position with Handgun Control, Inc. and established the Americans for Gun Safety Foundation in 2000.

Controversy

In 2006, McKelvey stepped down from Monster Worldwide amid investigations into the company’s stock options backdating practices. He returned $8 million to the company and surrendered most of his voting shares by converting super-voting B shares into A shares, decreasing his influence from roughly 31% to 7%. Furthermore, he paid about $276,000 to the Securities and Exchange Commission, which confirmed that he did not personally gain from backdated options. This inquiry followed a The Wall Street Journal report detailing unusually well-timed stock-option grants awarded to senior executives.

Death

McKelvey passed away at age 74 on November 27, 2008, in New York City due to pancreatic cancer.

After his death, his estate became involved in Estate of McKelvey v. Commissioner, a legal matter concerning tax treatment of variable prepaid forward contracts he had entered into shortly before passing.

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