MySpace Loses Three Top Execs
March 4, 2009 at 2:29 PM (PT)
With FACEBOOK inching up on it in popularity in the U.S., NEWS CORP.-owned social network titan MYSPACE will have to deal with the departures of COO AMIT KAPUR, SVP/Engineering JIM BENEDETTO and SVP/Product Strategy STEVE PEARMAN. According to CNETNEWS.COM, the trio are leaving to form a new start-up company.
Emphasizing that the departures are amicable, a MYSPACE statement declared: "We're incredibly excited to see what this team creates together and wish them the best of luck as they transition from helping run a company to building a new one. AMIT, JIM and STEVE depart as great friends of MYSPACE and of our executive team. They will remain on board for the next few weeks to ensure a smooth transition company-wide."
A company-wide memo from CEO CHRIS DEWOLFE accentuated the health of MYSPACE highlighted recent initiatives such as streaming music service MYSPACE MUSIC, a recent redesign and the HYPERTARGETING ad program. Nevertheless, the L.A. TIMES noted that the FOX INTERACTIVE MEDIA group, which includes MYSPACE, had an operating loss of $38 million in the quarter that ended Dec. 31st, partly because of costs associated with the launch of MYSPACE MUSIC.
MYSPACE wouldn't comment on who'll replace the trio.