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Moshi Monsters founder Michael Acton Smith leaves company

The founder of Mind Candy, the firm responsible for the children's social network, Moshi Monsters, is set to step down.

Michael Acton Smith, who launched the company 10 years ago, is leaving to pursue a "more creative role."

Read more: Almost half of children spend more time chatting and interacting in virtual worlds than the real world

He will be replaced as president by the current chief operating and financial officer, Davina Knowles, while the company also searches for a new chief executive.

With approximately 80 million users, Moshi Monsters is one of the world's most popular children's social networks, but Knowles has already identified some areas for potential improvement.

Crucially, the new president is keen to raise the profile of Mind Candy's other products, such as World of Warriors and PopJam. The firm is also rumoured to be expanding the number of freemium services it operates, with around half of its revenue currently arising from associated merchandise, such as plush toys, music albums and other spin-offs.

In an interview with the BBC, Ms Knowles said, ""Moshi has been absolutely amazing. But Mind Candy has gone from being a one-product company to multiple products. The business now is much more complex than it used to be.

"Michael is known as 'Mr Moshi'. It's now about taking us more to being Mind Candy."

Read more: Report: Parents are ruining their children's prospects by discouraging digital skills

While the Moshi Monsters brand has been a major success in the UK market, it is still considered a growing brand in the US and one of the key developments for the new president will be to strengthen the product's international appeal.