One of the founders of social networking site MySpace is to step down as chief executive of the company.

Chris DeWolfe's contract will be up for renewal in October. News Corp, which owns MySpace, said the contract wouldn't be renewed and DeWolfe would be "stepping down in the near future". However, the company confirmed DeWolfe would act as 'strategic advisor' for the social networking site.

"It's been one of the best experiences of my life," DeWolfe said.

"We're proud of, and grateful to, the team of talented people who helped us along the way. We thank them, as well as the MySpace community for making our vision a reality."

DeWolfe's departure has also raised a question mark over the future of MySpace president Tom Anderson, whose contract is also up for renewal in October.

DeWolfe's replacement has not yet be revealed. However, among those being tipped to take over is former Facebook chief operating officer Owen Van Natta.