Friendster's CEO Sassa Resigns

Friendster Inc., one of the biggest startups in the "social networking" niche, appointed a new chief executive Wednesday, hoping to make the company profitable and revive its status as a trendsetting Internet destination.

Taek Kwon, executive vice president of product and technology at Citysearch.com, will join the company June 13 and replace outgoing CEO Scott Sassa, a former NBC executive who presided over Friendster last year, when it enjoyed tremendous buzz among 20-somethings and was named by Time Magazine as one of the 50 coolest Web sites.

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I think they should do what MySpace.com has been doing.  Target a specific hip demographic crowd that greatly benefits from social networking.  Hint: music and videos.