Monster Worldwide Inc.’s chairman and chief executive, Andrew McKelvey, resigned both positions, citing in part the demands of coping with a probe of the job-search company’s stock-option practices.

Mr. McKelvey, who founded Monster 39 years ago, becomes the second top Monster official to leave his post in recent weeks; the company suspended General Counsel Myron Olesnyckyj last month. Monster is the parent of the popular Monster.com job-search Web site.

All told, at least 18 executives or directors have resigned, or been suspended or fired, from the more than 100 companies facing federal scrutiny in the options scandal. That total could mount in the coming weeks as companies hustle to finish internal probes ahead of securities-filing deadlines.

Several top Monster executives, including Mr. Olesnyckyj but not Mr. McKelvey, received options purportedly granted at highly favorable times when the company’s stock price was unusually low. Several grants were at quarterly or annual low points. Such a pattern suggests the grants were actually awarded sometime later, but manipulated to carry the favorable dates, a practice known as backdating.

At the time it announced the suspension of Mr. Olesnyckyj, New York-based Monster said it was very likely to restate its financial results over options issues.

Backdating options grants, which can increase their value to recipients, runs afoul of securities laws and accounting principles, and has led to criminal fraud charges against five former executives of two companies. Criminal probes of dozens of companies, Monster among them, are ongoing.

READ: Monster’s CEO Quits, Cites Demands of Probe

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