MySpace Co-Founder Will Step Down as Social Networking Site's CEO

MySpace co-founder Chris DeWolfe will step down soon as the social networking site's chief executive.

MySpace owner News Corp. said Wednesday the decision was made by mutual agreement with Jonathan Miller, News Corp.'s recently appointed chief digital officer.

Co-founder Tom Anderson, who is every account holder's first friend on the site, is also in talks about taking a new role, News Corp. said.

Miller, a former chief executive of AOL, was appointed head of digital strategy overseeing MySpace on April 1.