There’s a major shakeup to report at Digg today: Jay Adelson is stepping down as CEO, effective immediately. Adelson will be replaced by Kevin Rose, who founded the site back in 2004 and has to much extent remained the face of the company through his role as co-host of online video show Diggnation.

In a statement to be released shortly, Adelson says that “the entrepreneurial calling is strong, and I am ready to incubate some new business ideas over the next twelve months. As the economy exits a very deep recession, I believe that it is an excellent time for new companies to develop.”

While we don’t yet know what those ideas might be, the news comes in the midst of a major overhaul at Digg. I talked to Adelson in-depth about the new Digg last month, who described his company’s plans to reinvent itself as an aggregator of what people are sharing around the web. Since then, the company has moved swiftly into mobile, unveiling both iPhone and Android apps in recent weeks.

Now, execution of the company’s ambitious game plan falls squarely on Rose, who says of the shakeup that he is “excited to be taking on the role of Chairman and acting CEO, driving Digg forward on our promise to enable social curation of the world's content and the conversation around it.” Nonetheless, this news comes as a huge surprise given the timing.

We’re hearing that the company held an all-hands morning moments ago to share the news with employees. More to come …

Jay Adelson Statement

Got some news. After five years, forty million users, and an amazing ride, I've decided to step down as CEO of Digg. With the new Digg getting ready to launch, Digg Ads doing well, our sales force growing, our hiring ramping, and the company maturing well beyond its startup phase, I feel that now is the right time.

The entrepreneurial calling is strong, and I am ready to incubate some new business ideas over the next twelve months. As the economy exits a very deep recession, I believe that it is an excellent time for new companies to develop. Of course, I will continue to serve as an adviser to Digg. In the interim, Kevin has agreed to step in as Chairman and CEO.

I'd like to thank Kevin, the Digg staff and the Digg community for their support, insight and, most of all, their loyalty in turning Digg into the force that it is today.

Kevin Rose Statement

I want to be the first to thank Jay for the last five years of amazing work. You've been a great friend and mentor, we wouldn't be where we are today if it wasn't for you.

While I'll miss working w/Jay day-to-day I am excited to be taking on the role of Chairman and acting CEO, driving Digg forward on our promise to enable social curation of the world's content and the conversation around it. We've been super busy on the product side getting ready for the upcoming Digg redesign and delivering our mobile apps for the iPhone and Android.

Thank you very much for your on-going support of Digg, I'm truly excited about the next five years, big things coming!