LinkedIn CEO out, founder takes over

Silicon Valley / San Jose Business Journal - by Patrick Hoge 

LinkedIn Inc. founder Reid Hoffman has retaken the reins of the fast-growing online social network for professionals and Dan Nye, the man Hoffman recruited for the job in 2007, has resigned, the company said Wednesday.

In addition, Jeff Weiner, a Yahoo Inc. executive until the middle of this year, has joined LinkedIn as interim president, with responsibilities for overseeing day-to-day operations, the company said. Weiner, who will report to Hoffman, will remain in his executive-in-residence position at the venture capital firms Accel Partners and Greylock Partners during the transition. 

The company did not give a reason for Nye’s departure, which will occur in the middle of January. The company said that “under Nye’s leadership, the LinkedIn network has grown by more than 400 percent from 8 million members to 33 million. The company was also able to establish a solid business model, achieve profitability and secure $80 million in funding from some of the world’s premiere investors.” 

In a statement, Hoffman praised Nye, saying he did what he was hired to do. 

“Dan joined LinkedIn with a mission to help us build a company that was strong and sustainable. In two years, he has succeeded in this objective, transforming LinkedIn from a young start up to a high growth business,” Hoffman said. “Dan deserves tremendous credit for his contributions to LinkedIn. His passion and commitment will continue in the efforts of the team that he’s helped build here.” 

Nye also issued a statement. 

“I am incredibly proud of all that we have accomplished. Our business model, balance sheet and infrastructure are strong. We were profitable in both 2007 and 2008, and have experienced outstanding network growth. Reid is a close friend of mine, and I have great confidence the company will continue to thrive under his leadership,” said Nye. 

The company said that the hiring this month of Dipchand “Deep” Nishar, who was recruited by Nye, as vice president of products will allow Hoffman “to renew his focus on the overall vision and strategy for the company in his role as chairman and CEO.” 

Weiner held leadership roles at Yahoo, most recently as executive vice president of the division responsible for the consumer web product portfolio, including Yahoo’s front page, mail, search and media products.