Joost said yesterday that it was replacing its CEO, laying off employees, and converting its online video offering into a white label platform for cable and satellite providers, broadcasters and video aggregators.

Joost created a buzz when it was launched in 2007 by Skype founders Janus Friss and Niklas Zennstrom, but it never seemed to find its footing while competitors like Hulu took off. Joost started as a peer-to-peer site before transitioning over to an online video Web portal.

Time Warner Cable was reportedly interested in buying Joost in April but ultimately decided against pulling the trigger.

Joost’s ad-supported online video platform wasn’t enough, even though it had forged programming deals with, among others, CBS, Viacom and Warner Bros.

Joost said it would be laying off employees, but it hasn’t said how many jobs will be cut. Matt Zelesko, currently vice president of engineering at Joost, will take over the CEO duties from Mike Volpi, who will remain with Joost as its chairman.

Stacey Seltzer, currently senior vice president of international business development and content acquisition at Joost, will run the business operations.

Joost is pinning its hopes on helping cable operators and content owners bring more video content over the Internet to viewers. Joost said the white label offering will provide a platform for companies looking to build a branded experience for their content on their own site, as well as other sites and platforms in their distribution networks.

Time Warner and Comcast announced a similar initiate last week to bring TV shows to Comcast’s subscribers.