MySpace loses another chief executive

News Corp has replaced the CEO of the social networking site MySpace less than a year after hiring him.

Owen Van Natta, whose resignation is effective immediately, will be replaced by Mike Jones and Jason Hirschhorn as co-presidents. News Corp claims a “discussion of his priorities” led both sides to agree to a parting.

“Owen took on an incredible challenge in working to refocus and revitalise MySpace, and the business has shown very positive signs recently as a result of his dedicated work,” says News Corp Digital Media CEO Jon Miller

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

“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.”

Van Natta could not be reached immediately for comment.

News Corp acquired MySpace in 2005 for $580 million. Since the acquisition, the site has lost ground to Facebook, which now ranks as the world’s largest social network with roughly 400 million active users.

News Corp chief Rupert Murdoch replaced MySpace co-founder Chris DeWolfe with Van Natta last year, but rekindling MySpace’s popularity has proven challenging.

The decline has led analysts to speculate that MySpace will struggle to renew its $300-million-a-year search advertising deal with Google when the deal expires this year.