Back in April, Monster Inc. MNST (NASDAQ) brought in Sal Iannuzzi to head the company. Iannuzzi, the highly rated former CEO of Symbol Technologies until Motorola bought the firm, appeared a terrific pick for Monster (see earlier blog piece). Iannuzzi was also a former investment banker. At the time of Iannuzzi's selection in April, many analysts expected the appointment would lead to a potential sale of the firm. So far, it has not played out that way but it is still early.
On Wednesday, Monster announced what appeared to be the next step in Iannuzzi's ascendance to Monster's corporate throne. The company announced another management shakeup - Lanny Baker, the CFO, resigned to "pursue other interests" and in his place the company appointed Timothy T. Yates, the former CFO at Symbol Technologies, (Iannuzzi's former company). Yates was originally named CFO of Symbol Technologies back in February 2006. In addition to the Yates appointment, Monster announced a number of other changes within the top ranks. The market did not initially take kindly to yesterday's management shakeup. Give the company a little time to shake off the market's jitters. Iannuzzi's is trying to work his magic.
Time will tell.
For more on the management shakeup:
Blogging Stocks (new take)
Wall Street Journal (subscription required)