Federated Media, which sells ads for more than 100 blogs and websites (including VentureBeat), is looking for a new executive to run the company, founder and chief executive John Battelle said in a blog post today.

So is this a CEO search? Um, maybe. “The title will depend on the person,” Battelle says, but basically Federated is looking for someone who can manage the business while Battelle focuses on working with the major clients, and on developing the Sausalito, Calif., company’s long-term vision. It is, of course, common for founders to take a less hands-on role as their startups grow into big businesses. In fact, Battelle notes that when he launched the company, he was upfront about finding the process of running a business, as opposed to starting and growing one, “a bit uninteresting.”

It’s also worth noting that despite difficulties in the online ad market, not to mention some recent layoffs, Federated’s Marketing Manager Matthew DiPietro told me in January that the company is still projecting healthy growth in 2009, particularly with a new focus on “conversational marketing” (i.e., engaging, interactive ad campaigns). Recent initiatives include ExecTweets, a site for seeing tweets from business executives.

Federated Media raised $50 million from Oak Investment Partners last year.