Owen Van Natta, MySpace's new CEO Source: MySpace

Just one day after announcing the departure of CEO and cofounder Chris DeWolfe, MySpace today named Owen Van Natta to the social network's top spot.

Van Natta, whose appointment was widely expected, brings a wealth of social networking experience. Previously the chief revenue officer for Facebook, Van Natta helped engineer the $240 million investment from Microsoft in MySpace's chief rival.

That investment gave Facebook a sky-high valuation of $15 billion, a figure that has since come down considerably.

Van Natta is also a veteran of Amazon, and most recently served as chief executive of Playlist, Inc., an online music-sharing company.

At MySpace, he will be tasked with remaining competitive with Facebook...

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