Chris DeWolfe, co-founder of MySpace, will step down as chief executive officer (CEO) of the social networking site, MySpace owner News Corp. announced on Wednesday.
DeWolfe has agreed that he "will not be renewing his contract and will be stepping down in the near future," News Corp. said in a statement.
DeWolfe will continue to serve on the board of MySpace China and will be a strategic advisor to the company, the statement added.
The announcement is part of News Corp.'s plan to shake up MySpace's management in a bid to reinvigorate its social networking business.
News Corp. is in discussions with Owen Van Natta, former chief operating officer of Facebook, MySpace's major rival, to replace DeWolfe, The Wall Street Journal reported Wednesday on its website.
News Corp.'s chief digital officer Jonathan Miller, who joined the company only this month, on Wednesday also announced that he is in discussions with Tom Anderson, another co-founder who now serves as MySpace's president, about the latter "assuming a new role in the organization."
MySpace is still the dominant social networking site in the United States, but its growth has stagnated in the past year.
In March, MySpace attracted 70.1 million unique visitors, down 3.6 percent from a year ago, The Wall Street Journal reported, citing data from market research firm comScore.
Meanwhile, Facebook, which surpassed MySpace's worldwide audience a year ago, is growing fast in the U.S. with 61.2 millionunique visitors in March, up 72.4 percent from a year earlier.
Source: Xinhua
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