Chris DeWolfe steps down as MySpace chief executive

Chris DeWolfe, the chief executive of MySpace, has decided to step down from the top job at the social networking site that he co-founded six years ago.

The 43-year-old will continue in his role as an adviser to the company after his contract runs out in autumn. MySpace co-founder and president Tom Anderson, your first friend on MySpace, also could be set to leave his post at the company.

"In a little under six years we've grown MySpace from a small operation with seven people to a very profitable business with over 1,600 employees," DeWolfe said in a statement. "It's been one of the best experiences of my life."

The news comes in the wake of MySpace's failure to keep pace with its competitor Facebook. Mark Zuckerberg's company recently overtook MySpace as the world's biggest social networking site and the growth of mini-blog site Twitter has also taken a big chunk out of the market share.

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