YouTube’s Hurley To Step Down As CEO

YouTube CEO Chad Hurley is stepping down from his position, he revealed during an event in Dublin this evening, according to a TechCrunch report. Hurley says in a statement provided to us that he will continue to work at YouTube but “in an advisory capacity.” In the statement, he says that over the last two years he has already been taking more of an advisory role at YouTube as VP Salar Kamangar has led the site’s day-to-day operations.

Hurley co-founded YouTube with fellow PayPal veteran Steve Chen in 2005. After they sold the company to Google (NSDQ: GOOG), Hurley stayed on as CEO, while Chen kept the CTO job. Chen left that position in 2008, although he’s still involved in other engineering projects at Google.

Hurley is exiting the CEO job just as the video site’s performance is improving significantly. While Google still won’t say whether YouTube is profitable, the company has said it is nearing profitability and released metrics this month showing that it’s running ads against a growing number of views on the site. Just today, the company disclosed that a new ad format on the site, promoted videos, had been viewed more than 500 million times since it was introduced two years ago.