Jonathan Miller, chief digital officer of News Corp, is leaving the company at the end of September.
Thursday's announcement comes as the company prepares to split off its newspaper and publishing businesses into a separate company from its TV and movie assets.
Mr Miller, formerly chief executive of AOL, joined News Corp in April 2009.
He oversaw the aborted relaunch of troubled social networking site MySpace, which ended in a fire sale in June 2011.
Mr Miller also oversaw News Corp's stake in Hulu, the online video site also part-owned by The Walt Disney Co, Comcast Corp and Providence Equity Partners.
Hulu was put up for sale but pulled off the market last year.
Mr Miller will continue to serve as an outside adviser to News Corp into 2013.