After holding the position for less than a year, MySpace CEO Owen Van Natta is stepping down as head of the struggling social networking site.

MySpace is now helping to pay back millions of dollars in "lost" royalties to artist for songs and performances.

On Tuesday, MySpace announced plans to cut about two-thirds of its international workforce and close four offices outside the US.

Internet social networking site MySpace said it would cut 430 jobs, almost a third of its present workforce, to match current demand. Simply put, our staffing levels were bloated and hindered our ability to be an efficient and nimble, team-oriented company, Chief Executive Officer Owen Van Natta said. Our intent is to return to an environment of innovation that is centered on our user and our product, Van Natta said. Johnathan Miller, chief executive officer of News Corp.'s Digital Media, said MySpace grew too big considering the realities of today's marketplace, CNNMoney reported Tuesday. MySpace also faces growing competition from Facebook and Twitter.

MySpace announced it would be cutting about 30 percent of its jobs in order to reduce cost and help the site regain popularity amidst the growth of Facebook and Twitter.