Real Networks founder Glaser steps down

NEW YORK, USA: In a surprise move, RealNetworks Inc said on Wednesday that founder Rob Glaser has stepped down as chief executive with immediate effect.

The digital media company said Glaser will remain as chairman and is being replaced by Robert Kimball as acting chief executive and president.

"After nearly 16 years, I've decided it's time for me to step away from day-to-day operations," Glaser said in a statement. "I remain committed to the company."

Glaser did not give a reason for his resignation.

Glaser founded the Seattle-based company as Progressive Networks in February 1994.

Though RealNetworks has been a pioneer in the distribution and delivery of digital music, games and video, it has been surpassed by many newer companies in its space such asApple Inc and Amazon.com Inc, as well as social networking companies such as CBS Corp's LastFM and News Corp's MySpace.

Acting chief executive Kimball joined RealNetworks in 1999 and has been a member of the senior executive team since 2003. He most recently served as general counsel and executive vice president of corporate development.

Kimball has also been appointed to the RealNetworks' board.