MySpace Co-Founder to Step Down as CEO

Well, 130 million-user MySpace finally found a way to elbow in on the social networking site headlines, dominated in recent weeks by rival Facebook and fast-growing micro-blogging Twitter: Its chief executive officer and co-founder is on his way out.

 

MySpace (News - Alert) owner New Corporation announced today that 43-year-old Chris DeWolfe (pictured below) – “by mutual agreement” – “will step down “in the near future.”

 

According to News Corp (News - Alert). Chief Digital Officer Jonathan Miller, DeWolfe and MySpace President Tom Anderson, with whom DeWolfe founded MySpace five Januaries ago, are “are true pioneers and we greatly value the tremendous job they’ve done in growing MySpace into what it is today.”

 

That’s true, but what “it is” is stalled.

 

One year ago, Facebook (News - Alert) eclipsed MySpace in overall users. Facebook has about 200 million to MySpace’s 130 million. MySpace remains the largest social network in the United States, but membership is slowing and even falling. According to comScore Inc, U.S. membership fell 4 percent year-over-year last month, to 70 million.

 

Facebook, on the other hand, is on the rise, thanks in large part to its “Facebook Connect” development tool for the Apple iPhone. The company is now integrating with Netflix, the  world’s largest online movie rental outfit, and is being rumored to be eyeing native integration with handsets from Nokia, the world’s largest maker of cell phones.

 

Despite its relative paleness, DeWolfe, Anderson and MySpace are to be commended for emerging as an early leader in the fast-growing social networking market.

 

As DeWolfe himself noted, the company has grown from a 7-worker operation in a few short years to more than 1,600 employees.

 

“It’s been one of the best experiences of my life and we’re proud of, and grateful to, the team of talented people who helped us along the way,” he said. “We thank them, as well as the MySpace community for making our vision a reality.”

 

It isn’t clear where DeWolfe goes from here. Stay tuned to TMCnet for developments.