The News Corp owned MySpace has announced that MySpace CEO Chris DeWolfe will be stepping down but will continue to serve on the board of MySpace China and will be a strategic advisor to the company.

The decision was a mutual agreement between News Corp Chief Digital Officer Jonathan Miller and DeWolfe.

Miller is also in discussions with Tom Anderson, MySpace’s president about him taking on a new role in the organization.

“Chris and Tom are true pioneers and we greatly value the tremendous job they’ve done in growing MySpace into what it is today,” said Mr. Miller.

“Thanks largely to their vision, MySpace has become a vibrant creative community with 130 million passionate followers worldwide. It is an enormously successful property and we look forward to building on its achievements with a new management structure we’ll announce in the near future.”

News Corp is reportedly going after former Facebook Chief Operating Officer Owen Van Natta as a possible replacement for DeWolfe.