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MySpace is tapping former Facebook executive Owen Van Natta as its new chief executive, replacing the social networking site's co-founder Chris DeWolfe.

News-Corp-owned MySpace shook up its executive stable earlier this week announcing that DeWolfe was stepping down to become a "strategic adviser" on the board. MySpace president and fellow co-founder Tom Anderson is also in discussions about assuming a new, unspecified role.

Obviously, MySpace is hoping Van Natta can help resuscitate the site's audience and revenue growth, which has fallen by the wayside in the face Facebook's surging popularity.

“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,” Van Natta said in a prepared statement. “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.”

MySpace said Van Natta will assume the role of head honcho effective immediately and will report directly to news Corps. CEO of Digital Media, Jonathan Miller.

Meanwhile, Playlist said John Sykes, a co-founder of MTV will become the company's new CEO. ®

Correction

The article incorrectly stated that Tom Anderson had resigned to assume a new role at MySpace. Anderson is actually "in discussions" about a new role, but currently remains president.

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