In a manner befitting a co-founder and chief executive officer of business social network, Reid Hoffman announced his decision to step down from the CEO role via a LinkedIn alert. He is replacing himself with Daniel Nye, till recently chief executive officer of Advent Software, a publicly traded enterprise software company.
A spokeswoman said that Nye has been brought into to build the organization, while Hoffman will focus on products and strategy. Hoffman will remain chairman of the company, and will take an additional title of president of products. Hoffman, who is traveling for personal reasons, could not be reached for a comment.
LinkedIn recently raised $13 million and is being valued at $250 million. He explained why the company needs more money here. Given that the two announcements have come this close to each other, Hoffman’s decision to step down from CEO role is not sudden.
The decision to bring in a seasoned chief executive from a publicly traded software company will bolster the rumors of a pending public offering, perhaps later this year.
Reuters’ has more on Hoffman’s decision.