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MySpace Execs Leave to Start Own Company

Whenever there’s a sudden increase in the amount of executives leaving the company, you start to wonder if something is about to go down. When we heard that three of MySpace’s top execs had handed in their notice, we immediately figured that there was stuff going on at MySpace that these guys knew about and weren’t looking forward to.

While we can’t be sure if that is still the case, it looks like those jumping ship are joining forces and starting up their own company. TechCrunch yesterday reported that the three executives at MySpace were leaving the company to form their own startup, led by COO, Amit Kapur. Joining him is SVP of technology at the social networking site, Jim Benedetto and SVP of product strategy, Steve Pearman.

In an internal memo obtained by TechCrunch, the company’s CEO told staff that the three were leaving to start their own company and seemed surprisingly excited at the idea, “Amit Kapur, our Chief Operating Officer, will be leaving the company to start a new venture. … Jim Benedetto, SVP of Engineering and Steve Pearman, SVP of Product Strategy will join Amit in this new chapter,” announced Chris DeWolf.

“Personally, I’m incredibly excited to see what this team creates together and wish them the best of luck as they transition from helping run a company to building a new one,” he added. DeWolf assured staff that the three would remain on the board for the next few weeks to ensure a smooth transition company-wide.

What do you think is going on? Is there something afoot over at MySpace or is this just three entrepreneurs eager to create something new?