Reid Hoffman, who stepped in the CEO of LinkedIn only six months ago, has stepped down again, and Jeff Weiner, the former Yahoo (NSDQ: YHOO) exec who has been interim president at the company for those six months, is the business social network’s new CEO. Weiner has also joined the board; previously he had been EVP of Yahoo, running its network division, and left a year ago to do a brief stint as an EIR at Accel Partners and Greylock Partners, before joining LinkedIn in January of this year as interim President.
With this latest change, Hoffman says he will still be involved day-to-day but focused in his role as founder and executive chairman. Over the last six months, Weiner had taken over all operations and expansion plans globally, so this was a natural progression, or so says Hoffman.
He clarified to Kara that this is not a prelude to an IPO, something that has been talked about in the past for the company, though with this much war chest of money and the market being what it is, they may wait till next year. LinkedIn, which did a round of layoffs late last year, says it was profitable last year and is on track to be the same this year as well. It has raised a total of about $100 million, and its last round of $27 million in October last year helped push its valuation to about $1 billion.
Hoffman’s own blog post about the change, here.
LinkedIn Names Jeff Weiner Chief Executive Officer
Co-Founder Reid Hoffman Continues as Executive Chairman
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–LinkedIn, the world