MySpace names its first chief financial officer

Hot on the heels of its appointment of a chief technology officer last week, News Corp.'s MySpace on Monday announced that Mark Rosenbaum has been hired as its chief financial officer.

Although the appointment marks the first time that the social network has had a CFO, it is Rosenbaum's second stint at News Corp. He headed up financial operations at Gemstar-TV Guide International, when it was owned by the Rupert Murdoch-helmed conglomerate. More recently, Rosenbaum served as a consultant to MGM.

Mark Rosenbaum's MySpace profile picture.

(Credit: MySpace)

In his new position, Rosenbaum report directly to Owen Van Natta, the former Facebook executive who became MySpace's CEO in April, after the departure of co-founder Chris DeWolfe.

Less than two months after Van Natta's hiring, MySpace announced a layoff of nearly 30 percent amid stagnant growth and what was increasingly a losing battle against Facebook in its quest for social-networking dominance. The company called its aim at financial efficiency a "return to start-up culture."

Hiring a chief financial officer is, as a result, a logical step.

"Having led companies at every stage of their development, Mark understands both start-up culture and mature businesses, and is well-suited to guide MySpace's financial organization through its next phase of growth," Van Natta said in a release announcing Rosenbaum's hire. "We're thrilled to add someone with his pedigree and experience to the team."

[andrew.mager]

Day late and a dollar short.

[EdCenter]

yea, what does MySpace do that I don't already have with Facebook? Other than get spammed with invites that say "See my pics at <insert site>"?

[doubtthat]

Huh, maybe I don't fully understand the role of a CFO, but what does hiring a bean counter have to do with bringing the company back to prominence?