Official announcements by MySpace have confirmed that a mere 10 months after taking up the job, Chief Executive Officer of the social networking site, Owen Van Natta has stepped down. The announcement was made on Wednesday.

Effective immediately, Mike Jones and Jason Hirschhorn will be taking over the position left vacant by Mr. Van Natta, and will serve as Co-Presidents of the popular website.

"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. 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", said Jon Miller, News Corporation's Chairman and CEO of Digital Media.

Mr. Van Natta had joined MySpace in April of 2009, after having served as the CEO of Project Playlist, Chief Revenue Officer and VO Operations at Facebook and VP Worldwide Business and Corporate Development at Amazon.

"MySpace is an incredibly unique place and we've made real gains in terms of product focus and user experience. I'm proud of the work we've all accomplished together and look forward to watching its continued growth", he was quoted as saying.