Jay Adelson, the CEO of once popular social news site Digg, has announced his departure from the company via blog post on the official Digg blog, citing an undisclosed 'entrepreneurial calling' as the reason for the abrupt resignation.
Mr. Adelson, who has been replaced by Digg founder Kevin Rose, was the CEO of the company since it was founded in 2004 and has been with the company in its glory days, when it was considered a hot internet property.
With several web companies struggling to acquire Digg, it was hit hard during the recession, giving rise to rumours which suggested that the company had sustained heavy losses.
However, few months ago, the company surprised everyone by announcing plans to revamp the whole technology platform of the service, which was followed by a sneak preview of the new Digg at the South by Southwest Interactive Festival last month.
In an attempt to overhaul the service, Digg abolished its ad platform contract with Microsoft and started its own Digg Ad service, which, according to the company, is doing really well.
Commenting on his decision to leave the company. Adelson wrote on the Digg blog that “The entrepreneurial calling is strong, and I am ready to incubate some new business ideas over the next twelve months. As the economy exits a very deep recession, I believe that it is an excellent time for new companies.”