Former Facebook exec tapped to lead MySpace

SAN FRANCISCO -- It didn't take long for MySpace to find a new CEO.

Just two days after announcing the departure of co-founder and CEO Chris DeWolfe, the popular social-networking site named former Facebook COO Owen Van Natta as his replacement.

Van Natta, 39, will be based in Los Angeles and report directly to Jonathan Miller, chief digital officer of MySpace owner News Corp. Van Natta previously was chief revenue officer and vice president of operations at Facebook, where he helped negotiate Facebook's $240 million investment from Microsoft. Prior to that, he served as vice president of worldwide business and corporate development for Amazon.com. Most recently, he was CEO of Playlist, an online music company.

"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 statement. He was not available for further comment.

Van Natta's appointment now pits him against former boss, Facebook CEO Mark Zuckerberg.

"MySpace needs a guy who can make deals, especially since its own search partnership with Google (a three-year, $900 million pact) will expire in eight months," says Caroline Dangson, an analyst at market researcher IDC.

Facebook had no comment on MySpace's new CEO.

MySpace is in the process of revamping its executive team after the exit of three execs to start a company, and amid the rapid growth of nemesis Facebook.

Facebook passed MySpace in visitors worldwide last year, and is closing in on leadership in the U.S.

Facebook just topped 200 million visitors, compared to MySpace's 130 million.

Meanwhile, with online ad spending expected to be flat this year, at $24.5 billion, competition is downright fierce among social-networking services.

"Despite MySpace's wide audience, they were losing the mindshare battle, and they had to do something to shake things up," says Peter Pezaris, founder and CEO of social-networking site Multiply.

DeWolfe, 43, will remain on the board of MySpace China and as a strategic adviser to the company. His contract, which he will not renew, is to expire in October. It reportedly was worth $7.5 million a year.