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Taking pictures with smartphones.Oleksiy Mark/Getty Images/iStockphoto

Keek Inc., a promising Canadian social media startup facing cash shortfalls, has changed chief executives.

As reported by Streetwise earlier Friday, Keek tried and failed to raise money in recent months and was running short of funds. As the company looked for a quick financing fix, the company's top executive, Isaac Raichyk, and several investors disagreed on what the firm's next move should be.

Keek announced Friday that Mr. Raichyk resigned and that David Kerzner is taking over as president and chief operating officer while the company's board and advisors look for a new full-time CEO. Mr. Raichyk and Mr. Kerzner founded the company.

Keek said that "Mr. Raichyk has decided to focus his energies on helping young entrepreneurs launch new social media businesses."

In the statement, Mr. Raichyk said that he is "excited about Keek's future and I have full confidence in David's ability to maintain Keek's growth."