The Huffington Post shook up its executive ranks yesterday as former CBS executive Betsy Morgan resigned as CEO and was replaced by Eric Hippeau, a former top executive at Ziff Davis Media who most recently was a managing director at Softbank Capital.

As part of the shakeup, Morgan is also leaving the HuffPo board of directors.

Hippeau was already on the board since Softbank Capital was an early investor in the HuffPo.

Founder Arianna Huffington said that Hippeau is being brought on board “to accelerate our expansion and monetize our traffic.”

“We are now ready to start spending,” she said.

Huffington Post’s valuation is estimated to be more than $120 million.