Video compression company On2 said today that CEO Bill Joll was stepping down, effective immediately. In addition to the chief executive role, Joll had served as president and a member of the company’s board of directors since May 2006, but now he appears to be leaving the On2 completely.

On2 said in a release that Matthew Frost, its EVP and general counsel, would serve as interim COO and CEO. (via Contentinople)

On2 had restated its earnings and earnings estimates for the last three quarters due to “falsified” sales accounts, cutting about a million of its reported revenue. The firm’s latest earnings estimate is for a net loss of $4.7 million in the first quarter of 2008 on revenue of $4.5 million.

Online video network Next New Networks isn’t in the exactly same space, but CEO Herb Scannell also said he was resigning from that role today. Like just about everything, do CEO resignations come in threes? They just might…stay tuned.