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Monster Grabs Full Stake Of Chinese Internet Job Website
October 8, 2008 |
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Online recruitment firm Monster Worldwide (MNST) says it has completed its full acquisition of ChinaHR.com by paying USD174 million in cash for the remaining 55% stake of the Chinese company.
In the first half of 2008, Mojster says China created more than 6.4 million jobs and ChinaHR currently operates 12 offices across the countries major markets, including Beijing, Shanghai, Guangzhou and Shenzhen, to handle this sector. Yet the company has stiff competition from entrenched Chinese rivals like 51job.com, Zhaopin.com, and a slew of smaller websites and the big Chinese portals' own online job sites.
Edward Lo, executive vice president of Monster Greater China, will immediately take over as the interim CEO of ChinaHR while maintaining his current regional responsibilities of driving Monster's overall growth in the greater China region. Lo brings over thirty years of leadership experience to Monster, working in Asia and the United States.
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