Stevens, who helped set up MySpace's UK and European headquarters in London in 2005, is understood to be joining the Rubicon Project as its international vice-president and general manager.
He is the latest executive to exit MySpace and his departure follows that of co-founder and chief executive Chris DeWolfe, who was replaced by former Facebook executive Owen Van Natta.
Before joining MySpace, Stevens was international programmes director at e-mail marketing company, Silverpop.
The first MySpsace executive to be recruited outside the US when he joined in early 2006, Stevens transferred from his role in London to MySpace's head offices in LA last year, becoming senior vice-president of audience.
Rubicon, a full-service creative marketing agency, sells proprietary advertising systems. It places advertisements on major networks such as Yahoo and Google.
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