Monster Worldwide Inc. (NYSE: MWW) announced today Salvatore Iannuzzi has resigned as president and CEO, effective immediately. Iannuzzi stepped down for personal reasons, according to the company. He will continue to serve as a director and non-executive chairman of the board.

Timothy Yates, a director of Monster and formerly its executive VP and CFO, has been appointed CEO.

“We appreciate Sal's agreement to serve as non-executive chairman. Sal will be available to assist in the completion of the strategic plan that was begun and was well under way under his leadership,” said Ed Giambastiani, Monster's lead independent director. “Monster has depth of talent in its management team. We are fortunate that Tim has agreed to undertake leadership as the company continues to advance. Tim's familiarity with our company and its strategy make him uniquely qualified for this role.”

Monster also today reported third-quarter revenue fell 3 percent year over year to $191.2 million. Please see separate story here.

“We have built a very solid foundation, and then now we are executing on the new strategy from a position of strength,” said Iannuzzi today in a conference call with analysts. “And many of the difficult tasks and decisions are behind us. Our near-term priorities are very clear. And we are entirely concentrated on aggressively growing our customer base through focused sales execution. Therefore, for personal reasons, I believe the time is right to step down from my position as president and chief executive officer of Monster.”

Additionally, Monster today appointed Mark Stoever as chief operating officer, a new position on its management team. Stoever — whose previous position was executive vice president, corporate development and internet advertising — will report to Yates.