Monster Worldwide

(MNST) - Get Report

said founder Andrew McKelvey, 71, has resigned as chairman and chief executive, saying he needs to hand over the management role to someone with more time to run the company.

McKelvey will remain on the board and has been named chairman emeritus. The board named William Pastore, 58, as CEO. Pastore joined Monster as chief operating officer in October 2002, and he added the title of president in February.

"At this stage in my life, I simply can no longer dedicate the number of hours required by Monster's rapid global growth and the additional demands of time associated with the ongoing historical stock option grant review," McKelvey said. "I believe that these managerial changes will assist the company in addressing the challenges that it faces today."

Shares of Monster were down 1.1% to $39.55 in premarket trading Monday.