Online video production and distribution service NextNew Networks‘s CEO Herb Scannell is stepping down…he is becoming executive chairman, and the company is looking for a new CEO. The company announced the move on its blog here: “With a newly bolstered board, I was named Chairman to go with my CEO title, and that’s given me an opportunity to think even bigger about our company. And to that end, I decided, with the board and my partners’ approval, to look to bring in a CEO to run the day to day of Next New Networks,” said Scannell, the former MTVN exec. Also in the blog, Scannell mentioned the company will expand beyond video

SEE ALSO: Online Video Service NextNew Receives $15 Million Funding; Goldman, Velocity, Pittman Invest

The company has raised about $23 million in funding in two rounds, from some blue-chip names such as Goldman Sachs, Spark Capital, Saban Capital, Velocity Interactive Group and Bob Pittman.

I will repeat what I have said about the company before: I have been skeptical of video production studios like NextNew and since the company started, many other competitors have entered the field. It is a hits-driven business in a medium where a definition of hit is still being defined. This change hopefully is what they may need to ensure the company continues to morph, and generate that thing called revenues…