With Google annexing increased control over its popular video-sharing site, YouTube, the site’s co-founder and CEO Chad Hurley is stepping down from his position. Hurley, along with Steve Chen and Jewed Karim, had founded the inventive YouTube website in 2005.

The rapidly-growing site was acquired by Google in 2006, in a $1.65 billion deal. While Chen and Karim departed YouTube after the buyout, Hurley, 33, had been continuing as the long-time chief executive of the company.

However, during a technology conference at Trinity College in Dublin, Ireland, on Thursday, Hurley hinted that he would be stepping down as the YouTube CEO and will take on an advisory role at the company.

Confirming that Hurley is resigning as the CEO, YouTube said in a Friday statement that Salar Kamangar, vice president of product management, would take over the responsibilities of the CEO.

In fact, over the last two years, Kamangar – who came to YouTube from Google after the acquisition - had already assumed a central role in running the affairs of the online video company. Kamangar and a small team of engineers had come up with AdWords, the revenue engine that drives much of Google’s profit.

Google has already acknowledged that the thus-far-unprofitable YouTube is on the verge of profitability largely because of Kamangar's efforts towards developing premium content which can command higher advertising rates; thereby yielding lucrative returns for the site.