Following the release of Monster Worldwide Inc’s (MWW: NYSE) Q3 2014 financial report on Tuesday, the company announced that Salvatore Iannuzzi stepped down as  Chief Executive Officer and President with immediate effect.

Monster reported that operating income during the third quarter dropped by -76.6% to USD 3.3 million, down from USD 14.3 million during Q3 2013. The company also reported a net loss of USD 351,000, against a net income of USD 11.3 million a year ago.

Mr Iannuzzi, who has stepped down for personal reasons, will continue to serve as a Director and Non- Executive Chairman of the Board.

Timothy Yates, a Director of Monster and formerly an Executive Vice President and Chief Financial Officer, has been appointed Chief Executive Officer.  Monster also announced that Mark Stoever has been appointed Chief Operating Officer of the Company. 

Ed Giambastiani, Monster's Lead independent Director said, "Monster is grateful for Sal's dedication and abilities in developing the strategy that promises to transform our company.  We have the best products and solutions for our clients on a global basis and are rapidly delivering them to the markets we serve.  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."

"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," he added.

Mr Yates added: "I look forward to continue working with Sal and my long time colleagues as we continue to implement our new strategy. I am especially pleased that Mark Stoever, who has been a critical contributor to Monster, will be working with me and our leadership team.  We appreciate Sal's leadership in the development and implementation of our strategy, which is designed to bring together all the people and all the jobs with end-to-end solutions to attract, engage and deliver candidates for our customers.  We are excited to see the success of the strategy which Sal pioneered.  We value the continued help that Sal will be providing in his new role as non-executive chair."