MySpace continues to hire and fire in their attempt to recreate the struggling but still huge social networking service. They’ve just hired, we’ve confirmed, former AOL and Tsavo exec Mike Macadaan, who we hear will become the company’s VP Product, to report to Chief Product Officer Jason Hirschhorn.

Macadaan spent ten months at Tsavo Media before announcing his departure from the company in June. Now it looks like he’s following former Tsavo CEO Mike Jones, who was recently appointed as MySpace’s COO, to the social network (the two also worked together at AOL prior to Tsavo).

Macadaan will likely play a key role in the site’s reworking going forward, first with incremental changes (hopefully a bit more substantial than the logo change we saw last week) and later on with a major reworking of the site, which MySpace seems to have been hinting at since CEO Owen Van Natta took the helm last April. Given MySpace’s lagging growth and dropping traffic as users migrate over to Facebook, it’s clear that the site badly needs to make some changes.