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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Former Facebook executive named MySpace CEO AFP - Saturday, April 25 WASHINGTON (AFP) - - Faced with the spectacular growth of Facebook, MySpace on Friday appointed a former top executive at its rival to head the social network. ADVERTISEMENT Owen Van Natta, 39, who stepped down early last year as chief revenue officer and vice president of operations for Facebook, will begin work immediately as MySpace chief executive, MySpace owner News Corp. announced. Van Natta replaces MySpace co-founder Chris DeWolfe, who stepped down earlier this week. He will be based in Los Angeles and will report to News Corp.'s new chief digital officer, Jonathan Miller, News Corp. said. "Owen combines a deep understanding of social networking, a keen business sense and the operational experience to guide MySpace through its next phase of growth," Miller said. "I'm confident his leadership will be an invaluable asset." Van Natta, who left Facebook in February 2008 for Project Playlist, an online music site, helped negotiate Facebook's 240-million-dollar investment from Microsoft. The US software giant's purchase of a 1.6 percent stake in Facebook in 2007 valued the social network on paper at 15 billion dollars. Van Natta previously served as vice president of worldwide business and corporate development for online retail giant Amazon.com. "I'm thrilled to have the privilege to pilot MySpace in what is sure to be an incredibly exciting and rewarding next chapter for the business," said Van Natta. "I feel honored to build upon the immeasurable achievements of the MySpace founders and look forward to working with Jon and the MySpace team to meet the challenges and make the most of the opportunities before us," he added. Announcing the departure of DeWolfe as CEO, News Corp. said that MySpace president Tom Anderson would also be assuming a new role in the company. Anderson and DeWolfe are credited with creating MySpace, which launched in 2003 and was bought by Rupert Murdoch's News Corp. in 2005 for 580 million dollars. Rumors that DeWolfe and Anderson would be dethroned began circulating earlier this year as MySpace logged a drop in the number of users while its young rival Facebook posted gains. Facebook replaced MySpace last year as the world's most popular social network, and industry figures show it has been widening its lead. MySpace claims more than 130 million users worldwide while Facebook welcomed its 200 millionth user last week. While Facebook's number of users has grown at an amazing clip, the Palo Alto, California-based company has yet to prove how it is going to translate traffic into cash. MySpace, in comparison, claims it has been making money from the outset and has worked to position itself as a platform for musicians and their fans, and even added karaoke services. Silicon Valley insider Kara Swisher, writing on her blog BoomTown, said Van Natta will face a "lot of challenges" as MySpace CEO. These include reinvigorating the brand, upgrading its technology, adding more innovative features, growing its advertising business "and dealing with the expected end to its lucrative online ad deal with Google," she said. Project Playlist, meanwhile, named John Sykes, a co-founder of the MTV network, to replace Van Natta as chief executive of the online music-sharing company. It said Van Natta will continue to serve as an advisor to Playlist. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Internet Portals & Search Engines Twitter a global sensation: HitwiseAFP - Saturday, April 25 Lost laptops cost companies dearly: studyAFP - Saturday, April 25 Facebook democracy debuts to low voter turnoutAFP - Saturday, April 25 Former Facebook executive named MySpace CEOAFP - Saturday, April 25 Related Articles: Technology Murder brings scrutiny to fast-growing CraigslistReuters - Saturday, April 25 Twitter a global sensation: HitwiseAFP - Saturday, April 25 Lost laptops cost companies dearly: studyAFP - Saturday, April 25 Latin American banks look to mobiles to battle crisisAFP - Saturday, April 25 Cell phone vital, air conditioning not so muchReuters - Saturday, April 25 Related Full Coverage Internet Portals & Search Engines Latest development in the online world All Full Coverage Most Popular – Technology Viewed Downturn hits Elton John, Paul McCartney Tigers resisting calls to surrender: S.Lanka military Fertility doctor on brink of cloning human: report Albino buffalo a first for Kenya Charred meat linked to pancreatic cancer risk View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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