LinkedIn named a new CEO today, as expected tapping its president former Yahooer Jeff Weiner for the job. Reid Hoffman, a LinkedIn founder and its first CEO, moved out of the CEO job he re-assumed in December after a company shakeup. Hoffman will become a full-time executive chairman.
Weiner’s chief focus, according to a report on TechCrunch, will be to create “an independent public company, with three key revenue sources: premium subscriptions, corporate solutions, and advertising.” All three revenue streams are already in place, generating enough cash to bring the company to relative profitability. All that’s necessary to catapult the company into solid margins is an upturn in hiring.
Weiner is former EVP of Yahoo’s Network Division, the unit responsible for the company’s search, mail, and other key operations. He left in June 2008, during the company’s brain drain. Weiner joined LinkedIn in January after a stay as executive in residence with two VC firms.
His appointment as president came after Dan Nye, LinkedIn’s second CEO, left in December. Hoffman retook the CEO reins he had relinquished to Nye not even two years before.
In a press release, Weiner says, “Working closely with Reid and the team over the past six months exceeded all of my expectations coming into the company. I couldn’t be more excited about our progress to date, and the opportunity ahead of us.”
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Hoffman, meanwhile, says in a blog post he will concentrate on “some big picture strategic issues for Linkedin — how Linkedin evolves to become more and more essential to professionals seeking to stay informed and find the right resources to accomplish their tasks fast and effectively.”