YouTube CEO steps down

SAN FRANCISCO - The co-founder of video website YouTube is stepping down as CEO. The move leaves the Google-owned property in the hands of a veteran manager as it attempts to increase its mainstream offerings and boost its profitability.

Chad Hurley, 33, founded the video-sharing site with Steve Chen in 2005 and sold it to Google some 20 months later for $1.65 billion.

More than two billion videos are now watched on the site every week, and the concern is close to being profitable.

Hurley is being replaced by Salar Kamangar, the former vice-president of web applications at Google, who has also been deeply involved in running YouTube.

“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 released by YouTube Friday.

“I will continue to serve as an advisor and am excited to witness the next phase of YouTube’s growth.”