LinkedIn Founder Reid Hoffman Returns to Helm as CEO
December 17, 2008 — LinkedIn, the world’s largest professional network, today announced founder Reid Hoffman has been appointed LinkedIn’s Chief Executive Officer following the resignation of current CEO, Dan Nye. Jeff Weiner will join LinkedIn as Interim President, overseeing day-to-day operations. Weiner will remain in his current role as Executive in Residence at Accel Partners and Greylock Partners during this transition period.
Under Nye’s leadership, the LinkedIn network has grown by more than 400% 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.
“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,” said Reid Hoffman. “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.”
“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 Dan Nye.
In December 2008, LinkedIn announced the appointment of Dipchand “Deep” Nishar as Vice President of Products. Recruited by Dan Nye, Nishar will have responsibility for product development operations, allowing Hoffman to renew his focus on the overall vision and strategy for the company in his role as Chairman and CEO.
Jeff Weiner will join as Interim President and will oversee all day-to-day operations of the company, reporting directly to Hoffman. Weiner brings to LinkedIn over 14 years of consumer web experience. Prior to his position at Accel Partners and Greylock Partners, he held key leadership roles at Yahoo!, most recently serving as Executive Vice President of Yahoo!’s Network Division with responsibility for Yahoo!’s consumer web product portfolio, including Yahoo!’s Front Page, Mail, Search and Media products. Dan Nye will stay on until mid-January 2009, working with LinkedIn to ensure a smooth transition of responsibilities.
LinkedIn takes your personal business network online, giving you access to people, jobs and opportunities like never before. Built upon trusted connections and relationships, LinkedIn has established the world’s largest and most powerful business network. Currently, over 33 million professionals are on LinkedIn, representing all five hundred of the Fortune 500 companies, as well as a wide range of household names in technology, financial services, media, consumer packaged goods, entertainment, fashion, and numerous other industries. LinkedIn is backed by world-class investors including Sequoia Capital, Greylock Partners, the European Founders Fund, Bessemer Venture Partners, Bain Capital Ventures, Goldman Sachs, The McGraw-Hill Companies, and SAP Ventures.