Monster Names New CEO Amid Revenue Declines

November 4, 2014 – Timothy Yates, a director at Monster and former chief financial officer, is taking over as CEO following the resignation of Sal Iannuzzi, the firm’s chairman, president and CEO. Monster Worldwide, Inc./(NYSE:MWW) posted revenues of $191 million for the third quarter ended September 30, 2014, a three percent drop compared with $197 million in the comparable quarter of 2013. For the third quarter, Monster recorded earnings of $5 million, or $0.05 per share, compared with a loss of $11.3 million, or 11 cents per share, a year ago. “Monster has seen increased competition in the online jobs and recruiting sector since the last economic downturn and it’s introduction of new product offerings have been slow to gain traction in the marketplace,” said HSZ Media managing director Scott A. Scanlon. “In many ways, Mr. Iannuzzi’s departure is not unexpected,” added Mr. Scanlon. “The company failed to adapt.”