As Myspace's membership plummets faster than a free falling team of elephants who have forgotten to pack their parachutes, it seems that the Axe has fallen on some top executives.

MySpace co-president Jason Hirschhorn is reportedly out at the News subsidiary after just 16 months. Under his rule the outfit has lost its founder, its CEO, an incubator and shedloads of traffic.

TechCrunch claims that MTV and Sling Media veteran Hirschhorn is also leaving MySpace. Apparently he is moving back to New York from MySpace's Los Angeles office.

His exit has been expected for a long time though as Hirschhorn had been threatening to walk before CEO Owen Van Natta was ousted in February. Unless the site's owner Rupert Murdoch does not do something soon, MySpace will be down the gurgler.