Owen Van Natta made waves when he became MySpace CEO in April 2009 after having previously served as a high-ranking exec at Facebook. But his effort to revitalize the once top social network has come to an end tonight after less than 10 months on the job, as Van Natta has resigned from MySpace, effective immediately.

Here's the statement we just received from the company:

"News Corporation today announced that Owen Van Natta will step down from his position as MySpace CEO, effective immediately. Mr. Van Natta will be replaced by newly-elevated co-Presidents Mike Jones and Jason Hirschhorn, who will each report to Jon Miller, Chairman and CEO of Digital Media for News Corporation. All three executives joined MySpace in April 2009, with Mr. Jones and Mr. Hirschhorn previously serving as Chief Operating Officer and Chief Product Officer, respectively."

Needless to say, this news doesn't look good for MySpace, who continues to fall further behind Facebook as it tries to reinvent itself as an entertainment destination. The company has also undergone significant job cuts and restructuring — in June of last year, MySpace laid off 30 percent of its staff at Van Natta's behest.