Monster Worldwide

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, the owner of the online job searching Web site, said Jeff Taylor, the founder of, will leave the company in August to establish a new venture that's still in early development.

The company plans to provide some seed capital for Taylor's new venture, which won't be employment-related; the specifics of the undertaking are being kept confidential.

In addition, Monster plans to sign an agreement for Taylor to serve as an outside adviser on strategic issues and brand-building initiatives. Taylor's day-to-day responsibilities will go to various members of the company's executive team.

"Jeff Taylor will long be remembered for recognizing the potential of the Internet to transform the way people find jobs and companies find talent, and now, that passion for ideas has lead him to seek a new creative outlet," Monster said in a press release. "We are excited about the future of Jeff's new venture, and are pleased he will remain a part of the Monster family in the role of strategic adviser."

Shares of Monster were down 6 cents to $28.41 in Monday's