November 01, 2010, 1:08 PM — Friday morning I blogged about YouTube's Promoted Videos service for advertisers hitting 500 million page views. Later that same day YouTube CEO and co-founder Chad Hurley announced he was stepping down as chief executive.
No surprise, as Hurley's been hanging around for four years since he and his two fellow co-founders sold YouTube to Google in November 2006 for $1.65 billion. He's fully vested, as TechCrunch's Robin Wauters writes, and ready to start some new Internet businesses.
The transition has been two years in the making. In 2008, Google assigned Salar Kamangar, its former VP of web applications, to work with Hurley on guiding YouTube toward profitability. Kamangar becomes the new CEO.
“For the past two years, I’ve taken on more of an advisory role at YouTube as Salar Kamangar has led the company’s day-to-day operations,” Hurley said in a statement. Hurley said he would continue advising YouTube on a part-time basis.
Kamangar was the No. 9 employee at Google and, Hurley said, one of the creators of Google's popular AdWords online advertising service.
Google CEO Eric Schmidt recently said that YouTube is nearing profitability. Google says YouTube monetizes about 2 billion views per week, or roughly 15 percent of total weekly views, and has doubled its monetization rate over the past year.
Chris Nerney writes about the business side of technology market strategies and trends, legal issues, leadership changes, mergers, venture capital, IPOs and technology stocks. Follow him on Twitter @ChrisNerney.