Demand Media just announced that its board of directors has accepted the resignation of Richard Rosenblatt as CEO and chairman of the company. The resignation as CEO is effective as of October 31st, and resignation as chairman is effective immediately.

The board has appointed Shawn Colo as interim President and CEO. James Quandt has been appointed Chairman, effective immediately.

“I want to thank everyone that helped to make Demand Media a leading content creation and media company,” said Rosenblatt. “It has been a great honor to work with our investors, board and brilliant team over the past 7 years. I realize that all journeys must ultimately come to an end and want to wish Shawn and the entire team success as they continue to grow the business.”

“I look forward to working closely with our board of directors, executive team, and all of our employees to achieve our strategic goals,” said Colo. “Since co-founding the company in 2006, I have been involved in all facets of the business and am more confident than ever in Demand Media’s potential.”

Quandt added, “The board is excited to have Shawn expand his responsibilities at Demand Media. Shawn has played a major role in the company’s success and is ideally suited to assume these added responsibilities because of his integral knowledge of all aspects of the business and his strong relationships throughout the industry.”

The board will begin a search for a new CEO “shortly.”

The company will continue to pursue its previously announced spin-off plan. The timing is still being evaluated.

Image: Richard Rosenblatt (Twitter)