Social networking site, Facebook, is changing its management structure with COO, Owen Van Natta, becoming chief revenue officer and vice-president of operations. The recently appointed former AOL executive, Chamath Palihapitiya, is the new vice-president of marketing and operations and Gideon Yu, who was also only appointed a few weeks ago, is the chief financial officer.

Many saw Van Natta as second-in-command to company co-founder and CEO, Mark Zuckerberg and blogger, Kara Swisher, suggests Van Natta "has gotten a bit of a demotion, in title at least." Van Natta is still the head of advertising and technical operations, but recently hired executives will take over some of his other responsibilities.

Facebook spokeswoman, Brandee Barker, says the move is about an expansion of the management team as the company continues to grow and not indicative of a reduction of Van Natta's role. Among those to retain senior positions are Matt Cohler who stays as vice-president of strategy and business operations. His role in operations appears to overlap with that of Van Natta. Dustin Moskovitz, Facebook's co-founder, continues as vice-president of product engineering and Adam D'Angelo will remain the company's chief technology officer. The co-founders of Mozilla Firefox, Joe Hewitt and Blake Ross, are now at Facebook after it acquired their startup, Parakey. Forward to colleagues