Chas Edwards - the Chief Revenue Officer of Federated Media - has quit the high-status advertising network, to join the news stories-ranking site Digg at the same designation. As the Chief Revenue Officer, Edwards will have responsibility for all revenue streams at Digg - including revenue from Microsoft, as well as direct sales.

With Edwards’ appointment, Digg’s present Chief Revenue and Strategy Officer, Mike Maser, will now retain only the Chief Strategy Officer title.

Though it was not immediately clear what actually led to the departure of the highly esteemed advertising sales executive from Federated, - the company whose sales team he build from a scratch - CEO John Battelle’s two week back announcement, of being on the lookout of a new leader, indicates that Edwards had probably given an internal notice.

Federated Media seemingly is in dire straits, with most of its partners having left the network. While Digg left in 2007, GigaOm followed in 2008, and earlier this month TechCrunch parted ways with the company.

Meanwhile, over the past few years, Digg has worked hard for its expansion into a noteworthy company, and is now reportedly making a push towards profitability. Edwards will definitely play a contributory role in the company’s profitability attempt – which necessitates at least a twofold increase in reported $8.5 million revenue in 2008!