A late Wednesday statement by MySpace’s parent company News Corp has disclosed that Owen Van Natta, 40, has quit as the CEO of the social network, with immediate effect, less than a year after assuming the responsibility.

The statement also said that the CEO’s responsibility at MySpace will be taken over by chief operating officer Mike Jones and chief product officer Jason Hirschhorn, both of whom will henceforth serve as co-presidents of the company.

Without elaborating on when a new CEO will be appointed by MySpace, the company’s spokeswoman Dani Dudeck said that, for the present, the new co-presidents will each directly report to News Corp’s chairman and digital media CEO Jon Miller.

Thanking Owen for his contribution to the company, Miller said: “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. However, in talking to Owen about his priorities both personally and professionally going forward, we both agreed that it was best for him to step down at this time.”

Meanwhile, though Van Natta, in his brief comment, called MySpace “an incredibly unique place,” eMarketer analyst Debra Aho Williamson remarked that MySpace was a mess and Van Natta’s resignation would only mark management instability, adding to the already-battered company’s woes!