News Corp has replaced the CEO of ailing MySpace, only a year after hiring him.
In a textbook example of corporate politics language, News Corp has issued a statement to say that a discussion Owen Van Natta's priorities led both sides to agree to a parting.
Van Natta's resignation is effective immediately. He is to be replaced by Mike Jones and Jason Hirschhorn as co-presidents, two execs who also joined MySpace back in April 2009 with Van Natta.
MySpace trails Facebook
News Corp acquired MySpace in 2005 for $580 million, yet the last five years have seen rival Facebook, rapidly overtake the service as the world's No.1 social network.
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"Owen took on an incredible challenge in working to refocus and revitalize MySpace, and the business has shown very positive signs recently as a result of his dedicated work," said News Corp Digital Media CEO Jon Miller
"However, in talking to Owen about his priorities both personally and professionally going forward, we both agreed that it was best for him to step down at this time. I want to thank Owen for all of his efforts."