Reid Hoffman will be returning to the CEO position for LinkedIn. LinkedIn was founded and launched by Hoffman in May 2003. Over the last two years, Dan Nye held the CEO spot. However, LinkedIn has been struggling to make large amounts of revenue despite their $100 million in venture capital infusion. Their total investment gave the company a $1 billion valuation.
LinkedIn’s primary revenue stream is mainly based on premium accounts. Generally company recruiters are the ones that prefer premium accounts, but there hasn’t been a lot of major recruiting happening in this economy. Dan Nye will be stepping down in mid-January. No specific reason has been made regarding his departure.
Jeff Weiner, a former Yahoo! EVP will be filling in for Nye as the interim president. Weiner is an “executive in residence” for Accel Partners and Greylock Partners. Executives at LinkedIn will be reporting to him during his time at the social network company.
Earlier this month LinkedIn opened a new data center in Chicago and hired former Google executive Dipchand “Deep” Nishar as VP of products.