Almost 10 months after joining MySpace as CEO in April, 2009, Owen Van Natta is stepping down from his position. The social networking site announced this news on Wednesday. The former Chief Revenue Officer at Facebook will be replaced by Mike Jones and Jason Hirschhorn, who were promoted to be co-presidents. Jon Miller, the chairman of MySpace’s parent company News Corp., said he and Van Natta agreed to his resignation after discussing his personal and professional priorities. Prior to joining MySpace, Van Natta worked at Project Playlist, Facebook and Amazon.

“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,” Miller said in a statement. Van Natta, 40, who had replaced MySpace co-founder Chris DeWolfe, said in a statement “I’m proud of the work we’ve all accomplished together and look forward to watching its continued growth”.

Van Natta rattled quite a few nerves when he drastically cut 720 jobs during his tenure, reducing the total workforce by almost 40 percent. As another cost-cutting move, he canceled the lease on a bigger office space in west Los Angeles – moves that resulted in about $180 million in restructuring charges but set up the site for better profits. The site also managed to stabilize its visitor number in recent months. Although News Corp., who bought MySpace for $580 million in 2005, reported a fourth consecutive quarter of falling ad and search revenue for its digital properties.

The new successors, Jones and Hirschhorn, joined MySpace along with Van Natta in April last year. “We joined MySpace last April with very a specific set of goals in mind, and are anxious to continue working together to make those goals a reality,” Jones and Hirschhorn said in a joint statement.